Title insurance is an insurance policy protecting your ownership rights to your property. It is a one-time payment made at the time of closing. The policy protects you from financial loss should your ownership rights be compromised. The policy also covers the legal fees to defend your title in court. For more information about title insurance, click here.
To determine the current legal owner, title companies will examine public records maintained by the recorder of deeds, the county or city clerk. Title companies will check also other tax and zoning records before issuing a certificate of title stating an opinion on the title’s status.
In other words, a certificate of title attempts to answer the question, “Can the seller legally transfer title to the buyer?”
There are two types of title insurance:
1. Owner’s title policy
2. Lender’s title policy
HOW DO I QUALIFY FOR THE HOMESTEAD EXEMPTION?
A person who, on January 1, has the legal title or beneficial title in equity to real property in this state and who in good faith makes the property his or her permanent residence or the permanent residence of another or others legally or naturally dependent upon him or her, is entitled to an exemption.
To qualify you must be a permanent resident of Florida as of January 1st of the year in which you apply for the exemption. Florida law does allow new homestead applications to be filed prior to January 1st of the year the exemption is to be effective.
Florida Statutes allow only one Homestead Exemption per “family unit.” This means that anyone applying for the Homestead Exemption in Collier County would not be legally entitled to receive the exemption if they or their spouse are receiving residency-based exemption(s) in another state. This includes veterans and senior citizen exemptions.
