Why should a Borrower be aware of title insurance?
When taking out a new loan such as a 1st Mortgage, 2nd Mortgage or Equity-Line of Credit, your lender may need a Loan Title Policy (LTP) and the appropriate endorsements required for various coverage as part of the loan policy.

Why? Each lender needs to be insured they are in the lien position against your real property they expect to be. Example: the 1st Mortgage needs to be in what is known as the 1st lien position. This means there are no other liens filed in the Public Records that would cause them not to be the first lien against your real estate. The same is true for the 2nd Mortgage or Equity-Line of Credit, they want to be in 2nd lien position behind the 1st Mortgage lien. This protects the lender in case of default on the liens. It gives them the priority over other liens that could be filed against the borrower or the property.

You as the Borrower, may choose the title company who issues the policy when you are paying for the title policy. Many lenders have a working relationship with a company but remember, you are in control of the decision.

Why should it matter who chooses? You want to be comfortable and have confidence in your closing company. Through the knowledge and experience of the team members at Palm State Title you can rest assured we will provide the service you deserve and will need for a smooth closing.

Title Fees
When you purchased your real property, hopefully you received an “Owner’s Title Policy”. We are able to give you a discount on the new lender’s title policy when given a copy of your Owner’s Title Policy. The discount is based on the new loan amount and the coverage amount of your Owner’s Title Policy. The discount can be in substantial based on the amount of coverage. Title insurance costs are filed with the state insurance office and are based on the dollar amount of coverage.

Other Fees
Some of the other fees collected at closing are a Closing Fee, Title Search fee, Title Exam fee, Document scanning and storage fee, Courier Fees needed to overnight payoff’s and loan documents and Satisfaction fees (if there are mortgages to be paid off). We will calculate the recording fees as required to record the lender documentation and to clear any title issues. (See the Buyer dropdown for details).

A new Survey may be needed if you do not have a current Survey available. If you have a current Survey and you have not made any structural changes such as adding a pool, room or patio, we can use your Survey without ordering a new one which can also save you $235 or more.

Sound confusing?
If so, then you will want to call a reliable, experienced and knowledgeable title group, “Palm State Title”, to help you through all stages of closing and to answer all your questions. We will be there for you, you can be assured! Call for your quote.