Your Guide to Property Ownership in Florida
Have questions about property ownership, title insurance, or homestead exemption in Florida? You're in the right place! At Fidelity Title Services, LLC, our FAQ section covers key information about these topics to help you understand their importance and how they can impact your real estate transactions and property rights. If you need more specific information or have additional questions, feel free to reach out to us directly. We're here to assist you every step of the way!
Frequently Asked Questions
Title insurance protects you from unexpected claims on a property that arise after you purchase it. These claims can come from third parties, like a contractor who wasn't paid for work on the house under a previous owner. Title insurance covers the legal costs of defending your ownership and can even compensate you for the loss of the property if a valid claim exists.
- Deed (if your home is paid off)
- Valid, government-issued photo ID (driver's license or passport)
- Certified check for the amount requested by the escrow officer (if required)
- Keys and security codes (if you're granting possession of the house at closing)
- Loan documents (Promissory Note, Warranty Deed, Closing Disclosure, Loan Estimate)
- Bill of Sale for any included furnishings (hurricane shutters, pool equipment, appliances, etc.)
We advise you to be sure to carefully review everything before signing. Don't hesitate to ask questions or point out any errors. Here are some of the key documents you'll sign at closing:
- Certificate of Title: This confirms your right to sell the property.
- Deed: This transfers ownership of the property to the buyer.
- Loan Payoff: This document shows the amount used to pay off your loan at closing.
- Mechanic's Liens: You may be asked to sign a document stating there are no outstanding liens against the property for unpaid work.
- Bill of Sale: This document lists and transfers ownership of any personal property you're selling to the buyer.
- Statement of Closing Costs: This confirms you were informed of all fees associated with the closing.
- Statement of Information: This verifies your identity.
Florida's homestead exemption offers several benefits to homeowners, including:
- Protection from creditors: Your primary residence is generally protected from forced sale before and after death.
- Tax breaks: You can qualify for a significant reduction in property taxes on your homestead.
Important Details About the Homestead Exemption
- The definition of a homestead for creditor protection and inheritance purposes (Article X, Section 4(a)-(c)) may differ slightly from the definition used for tax purposes (Article VI).
- Automatic benefit: Both exemptions apply automatically when you establish your primary residence in Florida.
- Tax benefit claim: To receive the property tax reduction, you must file an application with your county property appraiser's office.
- Loss of homestead exemption: You can lose the homestead exemption if you abandon using the property as your primary residence.
Additional Benefits
- Article VII, Section 7 of the Florida Constitution limits the annual increase in assessed value of your homestead for tax purposes. The increase is capped at the lesser of 3% or the Consumer Price Index (CPI) change.
To apply for homestead exemption, submit all required applications and documentation to the property appraiser in the county where the property is situated. Contact your local county property appraiser's office for specific guidance for information and application procedures.