Naples Title Insurance

Naples title insurance is a requirement to complete any loan transaction. The lender requires title insurance which is normally paid by the buyer in collier county. We are one of only two counties in Florida that the buyer pays title. If the seller has their existing title insurance policy they can get what is called a "re-issue credit" or a significant discount.
Naples title insurance is issued by an insurance company that guarantees that the title to the parcel of real property is clear and properly in the name of the seller. The reason for the insurance is should the Naples title insurance at a later date have problems that arise with the title such as incorrect description the insurance company would pay the damages to the holder of Naples title insurance.
The abstract of title is the historical summary provided by a title insurance company of all records affecting the title to the property. This is imperative for the lender in making a underwriting decision on the loan package that is provided by tile insurance company or attorney's agent. We usually review the title report policy prior to sending the file into underwriting to ensure that title is not "clouded". An example of title being clouded would be a tax lien on the property. The seller has an undisclosed lien or property encumbrances.

Chain of title is the entire historical past of the specific property as it pertains to the public records that are recorded at the clerk of courts office. We analyse the chain of title to see if any recent sales have been worth noting. Lenders to do like to see a lot of title transfers in a short time period unless the property is a foreclosure and the ownership and rights can change frequently.

Borrower's can expect to pay the title policy with any Fannie Mae owned foreclosures. Naples title insurance calculator rates are located on the link provided. Fannie Mae Foreclosures also make the buyer pay the doc stamps on the deed. These two fees can get very costly. My advice is to make sure when you decide to put in a contract to review all the Fannie Mae (FNMA) fees assoc with the purchase. Sometimes it might be better to walk than pay the hefty fees if you are not getting a really great deal on the purchase price.
Title insurance also has three more standard items that are required to complete the Naples mortgage transaction. Florida form 9 and Alta 5.1 PUD if in a planned unit development and Alta 8.1 Environmental protection lien fee.
We hope this post has helped you in understand why the lender requires Naples title insurance. The lender has to protect their investment but you as the borrower also are getting a service with knowing your purchase is protected with title insurance.

Please do not hesitate to contact us with any Naples title insurance questions.

Core Mortgage Financial
www.coremortgagefinancial.com