What is Title Insurance and how much should I expect to pay?
Title insurance insures the marketability of the title on the property and assures the buyer that he or she is receiving “good title.” Title insurance is important since many title problems may not be discovered until many months or years after the closing. Examples of potential title problems include: clerical errors, forged deeds or other documentation, falsification of records, improper legal descriptions, improperly indexed liens on property, etc.. Title insurance protects the buyer and the buyer’s lender against such title defects. Palm Beach Title & Escrow offers title insurance at the minimum rate allowable by law. Title insurance is computed at $5.75 per $1,000 of the purchase price up to $100,000. Over $100,000 add $5 per $1,000 of purchase price up to 1 million. For example, title insurance for a $150,000 property would be $825. For a $200,000 property, the cost would be $1,075. Palm Beach Title & Escrow Co.’s underwriter is Attorneys’ Title Insurance Fund, Inc.. Established
