Glossary of Key Terms to Know About Title Services in Miami
May 07, 2023
People looking for title services in Miami have a lot to learn, and this blog post will introduce you to the key terms, technologies, and services related to title services in Miami.
The first and most important term to know is “title search”. A title search is the process of researching a property’s legal history to determine if there are any encumbrances that may affect the property. This includes researching public records and title documents of the property’s past owners, as well as any mortgages or liens. Title searches are essential in the title services industry, as they are used to verify the accuracy of property documents and identify any potential title risks.
The second key term is “title insurance”. Title insurance is an insurance policy that protects the buyer and lender in the event that a title search reveals an issue with the property. Title insurance is often required for mortgage loans, and will cover the costs of any claims resulting from title issues. Title insurance is an important part of the title services industry, as it provides protection against potential losses stemming from title risks.
The third key term is “survey”. A survey is a detailed drawing of a property’s boundaries and features, including fences, roads, and other structures. Surveys are used to verify that the property’s boundaries and features are accurate and up to date, and are an essential service for title services in Miami.
The fourth key term is “deed of trust”. A deed of trust is a legal document that creates a trust between two or more parties regarding the ownership of a property. It is often used in conjunction with a mortgage loan, and is an essential part of title services in Miami.
The fifth key term is “title company”. A title company is a business that specializes in title services, including title searches, title insurance, surveys, and deeds of trust. Title companies are an essential part of the title services industry, as they provide customers with a comprehensive suite of services related to title services.
Finally, the sixth key term is “escrow services”. Escrow services are used to securely hold funds and other documents related to a real estate transaction until all the conditions of the transaction have been met. Escrow services are an essential part of title services in Miami, as they provide assurance that funds and documents will be held securely until the transaction is completed.
These are the key terms to know about title services in Miami. Title searches, title insurance, surveys, deeds of trust, title companies, and escrow services are all essential parts of the title services industry in Miami. Understanding these terms and services is essential for anyone looking for title services in Miami.
- Title Search
- Title Insurance
- Deed of Trust
- Title Company
- Escrow Services