Harper Title Company is a real estate title and escrow company which specializes in residential closing services.
What’s involved with a real estate closing?
Once the buyer and seller have executed a real estate contract, Harper Title’s role begins. Harper Title Company, LLC is the “Closing Agent” as defined in the real estate contract.
The following is a brief overview of our role in the transaction:
A. Title Search: Harper Title performs a title search of the property to find any mortgages, liens, or other items to be satisfied, so we can transfer clear title to the buyer;
B. Lien Clearing: Harper Title clears any title issues, including ordering payoffs for current liens and/or judgments;
C. Lender Integration: Harper Title works with the lender to obtain and finalize the Closing Disclosure for the real estate transaction;
The Closing Disclosure is a lender produced form explaining the details of your loan.
D. Document Preparation: Harper Title prepares all the necessary documents for closing: the warranty deed, settlement statement, various affidavits, and 1099 tax documents;
E. Recording and Disbursement: after closing, Harper Title records the original documents with the appropriate clerk of court and disburses all funds; and
F. Title Policy: after recording, Harper Title produces a title insurance policy for you and your lender (if applicable).
Harper Title excels at handling real estate investor closings, whether that involve double-closings or closing assignment contracts.
Harper Title Company is led by local real estate attorney Bo Harper. Our sister company (Harper Law, P.A.) has extensive experience handling probate matters for real estate closings. Therefore, if the property is still titled in the name of a deceased loved one, Harper Law, P.A. is able to handle the legal probate work to prepare title for closing.
What is title insurance and how does it work?
Title insurance is an insurance policy that protects the buyer against damages from defects with title on their property. Such defect may be a prior recorded mortgage, a HELOC (home equity lien of credit) which was never satisfied from a prior owner; outstanding judgment lien, tax lien, a pending legal action, an unrecorded easement or restriction on the property (not disclosed to the buyer).
How much does title insurance cost?
The Florida Office of Insurance Regulation establishes set uniform rates for title insurance which is based on the purchase price of the property. Accordingly, title insurance premiums are the uniform across the State of Florida.
However, each title company may charge additional fees for services and incidental costs for out-of-pocket expenses for the transaction.
Harper Title can provide you a free quote for title insurance at any time. If you would like more information, please contact our office! We will be happy to assist you!
Who pays for title insurance?
Paragraph 9 of the FARBAR contracts directs that either the buyer or seller shall pay for title insurance and provides that whomever pays directs which title company performs the closing.
Purchasing title insurance is not a requirement; however, should a defect ever arise, buyers are often without true recovery from their seller (for whatever reason). Therefore, because the title insurance is backed by a national title underwriter, Harper Title strongly encourages buyers to purchase an owner’s title insurance policy.
The premium for a title insurance policy is a one-time cost, which is paid at closing.
Lender title insurance required?
If the buyer is obtaining a mortgage on the property, title insurance is typically mandatory.