By Joe Pujol
Buying a home, whether for the first time or the fifth is complicated, nerve-wracking and very expensive.
Let's talk about title insurance which every home buyer needs. Here's a comparison, we purchase car insurance in case something happens to our car. Title insurance is issued by a title agency after a title agent has researched the title or deed of the property you fell in love with. The agency is ensuring the property does not have any legal liens, defects or attachments you will be expected to pay that were attached by a previous owner. They are also ensuring your children will have a clear title should they inherit your home. The price of title insurance is based on the sale price of the property, the amount is decided on by the county using a staggered rate that is set by law. Back in 1992 Florida created several laws that regulated the price of title insurance.
Florida Butler Rebate
In 2000, The Florida Supreme court decided a Mr. Butler was in the right when he argued the laws of 1992 deprived him of the right to negotiate with his title agent about his commission. If he had been able to negotiate, Mr. Butler could have shopped around for an accommodating title agency, which could have saved him some of the money he paid at closing.
Benefit For You
If the title agency you are using does not offer a rebate, you can ask them for one. They have the right to refuse. Thanks to Mr. Butler, you now have the right to negotiate with or even shop for a title insurance agency who will offer you a rebate from the very beginning.
Pujol Law Group is here to help you with real estate purchase while protecting all your legal needs. Contact us to help you purchase your new home.