FAQ/EQUITABLE NATIONAL TITLE GROUP, LLC

What is Title Insurance?

The purchase of a home is, in most cases, the largest financial commitment in an individual's lifetime.

• Title Insurance protects you against losses due to defects in the title of the property or expenses in legal defense.

• Your ownership is authenticated and will be promptly defended against any claims, in court if necessary at no cost to you, whether a claim is valid or not.

• A title insurance policy will protect you and your heirs as long as you have an interest in the property.

• If a valid claim is made against your title as covered by your policy, the title insurer protects you by bearing the cost of settling the claim should it prove valid, in order to protect your title and keep you in possession of your property.

Can a married person purchase property individually?

Yes, in Florida a married person can acquire (purchase) and convey (sell) property individually. However, in the case of homestead property, the spouse must join in the conveyance.

Can I put my minor children title?

Yes, you can. However, if you decide to sell, since minors lack the capacity to enter legal agreements, a guardian must be appointed by the court of equity. The guardian could be one or both parents or a third party appointed by the court called guardian ad litem. The court gives to this guardian the authority and responsibility to look after the minor's best interests.

If the note is only in my name, why does my spouse have to sign the mortgage?

If the property is going to be the primary residence of the married couple, then it is necessary for your spouse to sign in acknowledgement that he/she knows that the property is being encumbered and that there is a note that needs to be paid by the borrowers' heirs. In short, someone has to keep on paying the mortgage until it is paid in full.

Key Points for the Closing Day:

Be punctual. ALL PARTIES MUST BRING TO CLOSING IDENTIFICATION IN THE FORM OF A VALID DRIVER'S LICENSE OR GOVERNMENT ISSUED I.D.  FUNDS NEEDED FOR CLOSING MUST BE IN THE FORM OF A WIRE TRANSFER OR CASHIERS CHECK PAYABLE TO THE TITLE AGENT.  IT HAS BECOME COMMON PLACE THAT TITLE AGENTS WILL ONLY ACCEPT WIRE TRANSFERS FOR FUNDS NEEDED FOR CLOSING.  CHECK WITH YOUR TITLE AGENT TO FIND OUR THEIR REQUIREMENTS FOR CLOSING.  Personal Checks, money market checks, money orders etc., are not acceptable funds for closing.  Please check with your bank in advance of the closing date to find out what they require to complete a wire transfer. 

If the buyer is obtaining a mortgage to purchase the property then they have the most documents to sign at closing. FHA or VA mortgage loans have approximately 72 documents that require the buyer's signature. 

The closing will take approximately an hour for the signing of the real estate and loan documents, if financing is involved with the purchase.  If the buyer is paying cash for the property, then the closing should take no more than 30 minutes for signatures.

The closing may be done as a mail away. This means that either party or both will not be attending the closing and the documents are sent via Federal Express to them. This requires that the title closer have the party's phone number to coordinate the exact address to ship the documents to and the time frame needed to return the documents. Usually the real estate professional will find out the possibility of this situation as soon as they get the contract and will alert the title closer from the moment they send the title order.