Greetings from Florida Title & Guarantee and Staff. In connection with your upcoming real estate purchase, please note the following basic information which is provided in order to facilitate a smooth closing:
Property Insurance: Before your closing, you will need to select an insurance agent and obtain and pay for an insurance binder on the property you are purchasing. Please make sure this binder is issued to you as the owner and, if applicable, to the mortgage lender. You may need Hazard, Windstorm, and/or Flood insurance coverage. Your insurance agent will need to know the amount of coverage you are obtaining and the amount of coverage the mortgage lender will need along with the mortgage lender’s mortgagee clause (naming the loss payee). Once you have the binder coverage, you will need to provide proof of insurance and payment thereof to the mortgage lender and a copy to us in advance of closing.
In the event the property you are purchasing is a condominium, the structure of the building may be covered by the Association for fire and other hazards. You may need to furnish the mortgage lender with evidence of this master insurance policy. However, the master policy does not cover the contents of the interior of the unit. Therefore, you may wish to consider obtaining a Condominium Owner’s Insurance Policy. Some lenders require this coverage as well. Obtaining an insurance quote, selecting the agent and the coverage should take place early on in the transaction. Waiting can delay the lender’s closing package and impact the timing of your closing.
Survey of the Property: Before the closing, if requested by you or your lender, our office will order a survey of the property you are purchasing. The survey will be reviewed with you at the closing. If you are buying a property cash, please discuss the importance of the survey with our staff so you will have the appropriate title insurance coverage. This does not apply to condominium units. The buyer is responsible for the cost of the survey.
Elevation Certificate: If the property you are purchasing is in a flood zone, our office will order an Elevation Certificate at the same time we order the survey. This Certificate will be requested from your insurance agent when obtaining a quote for your flood insurance binder. Please let us know the Insurance agency issuing your insurance, so we may fax the completed Elevation Certificate to them on your behalf.
Property Inspections: In the event you are choosing to have professional inspections performed on the property you are purchasing, it is important that you order the inspections within the time frame provided for in your contract.
Municipal Inspections as part of your inspection period: In the event you are choosing to perform municipal due diligence on the property you are purchasing, it is important that you complete this inspection and due diligence with regard to the status of municipal compliance, including, but not limited to governmental building, environmental and safety codes, restrictions or requirements, building code, unrecorded liens, code enforcement, open or expired permits, etc. within the time frame provided for in your contract. You may order this inspection by going to Lienseek.com., or any provider of your choosing, if you so desire. Note: These matters are not covered by your title insurance policy. Feel free to contact our office with any questions.
Buyers Packet (pdf)