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5 Title Company Questions [Answered] When Buying A Condo In Miami

Updated: Jul 10, 2023

One of the most critical steps in purchasing a condo in Miami is hiring the title company for your transaction. A title company helps close transactions by holding escrow, confirming that all necessary deeds, mortgages, liens, or other encumbrances have been cleared and that no outstanding taxes are owed on the property in question. It can also help ensure everything has been transferred over correctly from one owner to another while ensuring everything is done legally concerning state law.

Title companies are often a confusing concept for home buyers. Here are five frequently asked questions about title companies answered by the Glorivi Demorizi at Solomon, Cooperman & Recondo, LLP.

In this article

What is a title company?

A title company sits in the middle of a real estate transaction to represent the transaction in order to issue a title policy. They make sure that the seller has the rights to convey the property, they conduct a title search at the county and municipal level, to satisfy any obligations due before the transfer of title to the buyer, and to provide title insurance and indemnify the buyer of any adverse matters arising from the transaction.

What does the title company do?

The title company receives and holds escrow funds, makes sure that all conditions and requirements are met between Buyers/Sellers/Lenders before closing, handles closing, exchanges documents between parties, and disburses all funds for the transaction. They record the new deed and issue a title insurance policy, to protect and indemnify the Buyer’s and Lender’s interest

What is the process?

  • Review signed contracts and addendums for terms and critical dates, and prepare a timeline.

  • Maintain extensive communication with clients, attorneys, paralegals, realtors, brokers, and lenders.

  • Order and review title commitment, municipal lien search, surveys, estoppels, payoffs, zoning letters.

  • Make sure title requirements and/or lender’s requirements have been fulfilled before closing the transaction, and review the closing checklist. Prepare HUD Settlement Statements/Closing Disclosures, affidavits, Warranty Deeds, Quit Claim Deeds, and any title-related documents needed to consummate the transaction.

  • Coordinate and scheduled closings with all parties.

  • Attend closing to ensure all documents have been properly executed and notarized.

  • Exchange executed documents with all parties of interest.

  • Records the insuring instruments (deeds, mortgages, assignment of rents and leases, etc.).

  • Issues title insurance policies for owners and lenders.

How much does a title company cost

The cost of the title insurance policy depends on the sales price/and or loan amount based on the State of Florida’s Promulgated Rate which is $5.75 per thousand up to $100,000, and $5.00 per thousand thereafter (up to $1,000,000). In addition to the title premium, there’s a settlement fee that typically ranges from $750 to $1,500, depending on the title company/law firm and the nature of the transaction. This is excluding any recording charges that are normally due to the state and county. Below please find a list of customary closing charges associated with clearing title:

  • Settlement Fee – typically $750 to $1,500

  • Title search – $100 to $200

  • Municipal Lien Search – $100 to $300

  • HOA estoppel – typically $200 to $500

  • Survey - $395 – 1,500

  • Recording Fees (documentary stamp taxes, and intangibles (applicable if financing) – varies by county

How to choose a title company?

I would recommend that when choosing a title company, make sure that they’re aligned with your same common core values. The title company should provide the level of service that you expect your clients to receive or better. The title company should be responsible for communicating diligently any issues that may arise in a transaction, and make sure that any title requirements and/or lender’s requirements have been fulfilled in a timely manner, in order not to delay closing.


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