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Old 04-17-2014, 01:06 PM
 
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In Florida, who normally pays for the title search when selling a house - seller or buyer? If the seller chooses and pays for the title search, does the buyer have to worry that the title is really free and clear of any liens or encumbrances? As the buyer, are you better off choosing the title search company and paying for it yourself?
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Old 04-17-2014, 01:28 PM
 
Location: Port Charlotte, FL
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Who pays for title is a negotiable item on the contract in Florida. It is pretty split as to who pays for it, buyer or seller. It doesn't matter which party pays for it as long as they get title insurance too and not just a title search. Title insurance is a policy that is issued by an insurer or agent and the buyer and his/her heirs are covered as long as he/she owns the property. In the case of most bank foreclosures, the bank pays for the title search and title insurance for the buyer. Title insurance is especially helpful if you run into an issue during ownership that was not discovered during the initial search done by the agency. This is called an Owner's Policy.

There is also title insurance through a lender, which the buyer pays for. This is called a Loan Policy.
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Old 04-17-2014, 02:00 PM
 
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Is it "normal" to ask the seller to pay for the title search and title insurance. Are these two different expenses at closing? How does the buyer protect themselves?
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Old 04-17-2014, 02:55 PM
 
Location: sittin happy in the sun :-)
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I always choose to pay title whenever I sell a home ,so I get to choose my title company who are good and quick. that way I control the process
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Old 04-17-2014, 03:17 PM
 
Location: SW Florida
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Quote:
Originally Posted by TamRE View Post
Who pays for title is a negotiable item on the contract in Florida. It is pretty split as to who pays for it, buyer or seller. It doesn't matter which party pays for it as long as they get title insurance too and not just a title search. Title insurance is a policy that is issued by an insurer or agent and the buyer and his/her heirs are covered as long as he/she owns the property. In the case of most bank foreclosures, the bank pays for the title search and title insurance for the buyer. Title insurance is especially helpful if you run into an issue during ownership that was not discovered during the initial search done by the agency. This is called an Owner's Policy.

There is also title insurance through a lender, which the buyer pays for. This is called a Loan Policy.
If I recall when we sold our house in Miami last year, the buyers paid for the Title Search, but we were asked to locate the and submit a copy of our Owner's Policy from when we bought the house in 1985. That way, I guess the buyer's title search only had to go back as far as the effective date of our owner's policy, or 1985. I wasn't sure we still had it, or whether that document had gone the way of so many of the things we had that blew off into the hinterlands in Hurricane Andrew. In that event, I guess I would have agreed to pay for that part of the title search. But we found it.
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Old 04-19-2014, 05:31 AM
 
Location: Port Charlotte, FL
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The way the Florida contract is written provides choices.

Seller will select the title agent and will pay for the owner's title policy, search, examination and related charges.
or
Buyer will select the title agent and will pay for the owner's title policy, search, examination and related charges.
or
Buyer will select the title agent and Seller will pay for the owner's policy, search, examination and related charges.

However, it can be changed and written in under additional terms to read whatever way you want. I have had buyer and seller split the costs too.
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