829 Woodbury Road #101
Orlando, FL 32828
Phone: 407-306-0454
Fax: 407-306-0354
Email: preferred2@cfl.rr.com
FAQ
What does the pineapple, your logo, stand for?
When the Pineapple was discovered in 1493 by Christopher Columbus off the island of Guadeloupe, it was adopted by the Spanish as a symbol of hospitality. The symbol has since been incorporated in to furniture, woodwork and many other works of art. The pineapple motif eventually migrated back to the colonies of North America where it remains a symbol of hospitality, friendship, warm welcomes and is associated with good cheer and the gracious spirits of social gatherings.
What is title insurance?
Title insurance inures the insured (the owner or the lender) against any defects of title which the insured did not cause. It insures the owner that they are the owner subject only to what mortgages or encumbrances the owner caused to be placed against the subject property and it insures the lender they are in the position on title that they are insured to be. In other words if a first mortgage holder has a policy it insures them that they are the first mortgage subject to no other mortgages or encumbrances(liens, judgements etc).
Who needs title insurance?
A purchaser of property requiring mortgage financing usually requires a lenders title policy. That is the lender will not give a loan on the property without being issued a title policy. An owners title policy is always optional and cannot be required, however if purchased simultaneously (within 30 days of the closing) with the lenders policy the 2nd(owners) policy only costs $125.00
How often do you pay for the owners and lenders policy?
The owners' policy is a one time charge and is in affect for as long at the insured under the original policy remains in title. There is a charge for a new lenders policy as often as a new loan is placed against the property.
Is a title policy assignable?
No each time title transfers a new owners policy must be issued. Each new loan also requires a new policy.
What is reissue credit?
This credit is given against the premium for a new owners policy in the event of a sale of the property if the party selling has an owners policy less than 3 years old at time of closing in the same names as the property is now being sold under. The rate is determined by the amount of the previous owners policy insured amount. Call for an exact reissue credit amount. This credit is also available without the 3 year limitation for all refinances.
Does a title company have to have an attorney?
No just a licensed title agent but with Preferred Title of Central Florida, Inc. you get both.
What does the term promulgated rate mean?
This is the title insurance premium rate to be charged by title insurers in the State of Florida in accordance with the Rules of The Florida State Treasurer and Insurance Commissioner Section 627.7826 FS
What is a short sale?
A short sale occurs when the seller owes more than the sales price of the property. This requires special negotiations between the lender and the title company to come to an agreement regarding a short sale amount wherein the lender agrees to accept less than they are owed.
What is an REO?
An REO or Real Estate Owned is a party that has gone through the foreclosure process and is now owned by the foreclosing property, usually the bank who held the mortgage on the property.
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