Homeowners

Sometimes homeowners sell their own home.  Sometimes they use a Realtor to help them.  Either way, we are here to help and provide you an instant rebate on your title insurance premium!

What is residential title insurance and why do I need it?


Generally, buyers and sellers of property in Florida are focused primarily on the purchase or selling price of a property, then they think about a secondary bucket of money that they mentally refer to as "closing costs."


Most of the time, buyers and sellers don't really take the time to learn about title insurance, what it does or how much it should cost and most importantly... whether they may qualify for an instant rebate.


See, the founder of Silicon Title is a Florida homeowner too; and when he bought his last house, he didn't really know what title insurance was for either.  He just thought of it as "closing costs" much the same way you might be thinking about it.


Then he realized:  Title insurance is pretty darn important.  It insures the property being transacted has a "clean record" and also protect the buyer if the property encounters a problem later on in the ownership timeline.


The other thing he realized was that title insurance policies are too darned expensive in Florida, so he decided to implement some technology and maket them cheaper via an instant rebate.


Silicon Title home of the Butler Rebate for Florida

We make Florida title insurance policies cheaper.


Silicon Title still goes through a very similar process to other title companies, but we do so in a much more efficient way which allows us to offer something called a Butler Rebate, which is an instant rebate of a percentage of the fees spent to insure a property transaction in the State of Florida.


Here's a quick overview of the process:


Most properties in the State of Florida will not have a significant deficiency of title, like unknown liens or invalid claims on ownership.  Our technology will tell us with a high confidence rating whether or not the title for the property in question must be manually reviewed.


The review will show if a search yielded any liens placed by creditors which could be passed along to the property purchasor.


Whether automated or manual, we ensure that the title is "good to go" before the transaction happens.


Why is title insurance important for buyers of residential properties?


Most buyers think that the title policy mandated by the State of Florida protects them.  It doesn't.  It protects the lender who is supplying the mortgage held on the property.


In order for a buyer to be protected, they must purchase an Owner's Policy.  This is essentially a one-time expense that protects you and your heirs / beneficiaries for as long as you own the property from financial loss in the event of a title action, so long as you didn't create the onus for the title action yourself.


Here are the 10 most common issues that come up with title that an Owner's Policy will help defend against:


1.  Unknown or unrecorded liens

2. Unreported encumberances that may grant ownership

3. Boundary disputes that may lose part of your property

4. Title forgery

5. Lost wills 

6. Clerical errors

7.  Long lost relatives claiming ownership

8.  Illegal sale of the property to someone without contractual capacity

9.  Undiscovered easements

10.  An impostor who has sold your property as you


Why is title insurance important for a seller of a residential property?


The number one benefit of Florida title insurance to a seller is simply an assurance that the property can be marketed and sold.  This protects you from financial loss upon any rejection of title from the buyer.


Also, Silicon Title acts as escrow agent.  This means that the seller will not lose title without being paid by the buyer and the buyer will not pay without receiving title.    


None of this is rocket science, but it IS important.


Look, for most people, buying or selling a home is a big deal.  There are a lot of title companies that take advantage of this and charge unknowing buyers and sellers full-freight for their services.  


Contact us and let us calculate your custom instant rebate!