Closing Cost; Title Insurance; Survey; Home Warranty; Special Assessments
In section (c), the time period for when a Seller must deliver a title insurance commitment issued by a Florida licensed title insurer to Buyer prior to Closing is stated. Along with the title insurance commitment, legible copies of instruments listed as exceptions attached to the contract also must be delivered. If a time period is not specified here the default will be 5 days. After Closing, an owner’s policy of title insurance must be obtained and delivered to Buyer. However, if the Seller has an owner’s policy of title insurance covering the property the Seller must then provide Buyer and Closing Agent with a copy of this policy within 5 days following the Effective Date. This section then allows the parties to select how the owner’s title policy premium, title search, municipal lien search and closing services, which all together is called “Owner’s Policy and Charges”, are paid.
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