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The purchase of real estate involves a significant amount of risk. Whether purchasing residential or commercial real estate, a person is spending a great deal of money. To insulate against this risk, people often purchase title insurance to protect against title defects. Title defects can be very costly to fix, render the property unusable for its intended purpose and/or negatively impact the marketability of the property.
If the company providing title insurance to you fails to provide an adequate settlement or denies a claim, a Tampa title insurance lawyer can help you recover the loss you suffered as a result of a title defect. Michael B. Germain is an experienced insurance attorney who represents consumers against insurance providers.
Michael B. Germain will aggressively fight to seek compensation for the benefits you purchased title insurance to receive after you've discovered a title defect. He represents clients across Florida, including in Pinellas County, Hillsborough County, Polk County, Pasco County, Citrus County, and surrounding areas.
"Title" is a collection of rights in real property. These rights include the right to use and possess the property. When title is transferred, it is documented by a "deed." In Florida, deeds are recorded by the Clerk of Circuit Court.
A title defect, sometimes called a "cloud on title," is any type of irregularity or issue with the title of property that negatively impacts the marketability of the title. Marketability is negatively impacted if the irregularity or issue would affect whether a person would be willing to purchase the property.
Some potential title defects in Florida property may be:
Because of mistakes in the way that titles may be recorded, a person might not realize that a property has a defect or cloud until after it has been purchased. Title insurance is intended to cover the cost of these defects.
Title insurance is intended to cover the damages the property owner suffers if the title is unmarketable due to a defect or cloud in title. Typically, the liability limit is the same as the purchase price of the property.
When you make a claim, the insurance company may deny the claim. They may claim that your policy does not cover the title defect that is the source of the claim, that it falls under an exclusion or that it is other. They may also offer a settlement that does not sufficiently cover the cost of your damages due to the defect.
Your insurance attorney can help to recover the damages you seek and recover for the marketability in title your property lost due to a title defect.
Michael B. Germain is an experienced Tampa title insurance lawyer who can represent you if your claim has been denied. An unexpected title defect can cost you thousands and thousands of dollars, for which you expect title insurance to cover. If they deny, the Germain Law Group can assist you in getting what you deserve if your claim is in Hillsborough County, Pinellas County or anywhere in Florida. Call today at (813) 835-8888 to set up a consultation.