The plain-English guide to Florida closings.

A condensed history of the ownership and conveyances of a property, typically compiled from public records.

A formal declaration before a notary that the person signing a document did so voluntarily — required for deeds and most mortgage instruments to be recordable.

The American Land Title Association, which publishes the standard title insurance policy forms and endorsements used nationwide.

A closing handled by two separate settlement agents — one for the buyer (and lender's policy) and one for the seller (and owner's policy). Sometimes called a split closing.

The total dollar amount the buyer needs to bring to closing, typically by wire. It's the bottom-line number on the Closing Disclosure.

The historical sequence of ownership transfers for a given parcel, traced through recorded deeds. Title search exists to confirm the chain is unbroken and clean.

The federally standardized settlement statement (replacing the old HUD-1) that lists every figure in a closing. Buyers must receive it at least three business days before closing.

A preliminary document issued by the title company describing the condition of title and the terms on which it will issue a policy at closing.

The instrument that transfers ownership from one party to another. Florida commonly uses warranty deeds, special warranty deeds, and quitclaim deeds, each with different guarantees.

A Florida state tax on certain recorded documents. $0.70 per $100 of sale price on deeds (except Miami-Dade); $0.35 per $100 of loan amount on new mortgages.

A recorded right for someone other than the owner to use a portion of the property — utility lines, shared driveways, drainage. Easements run with the land.

Any claim against title that isn't ownership itself — mortgages, liens, easements, restrictions. Title insurance addresses encumbrances that should have been cleared or disclosed.

A structure or improvement that extends onto a neighboring property or into an easement. Often revealed by a survey.

Money or documents held by a neutral third party pending completion of a transaction. In a closing, the title company holds earnest money and loan funds in escrow until recording.

A formal statement — typically from an HOA, condo association, or lender — confirming the exact amounts owed as of a specific date. Required on most closings with HOA/condo or existing liens.

First American Title Insurance Company. One of the three underwriters Surety writes through.

Foreign Investment in Real Property Tax Act. Requires withholding on sale proceeds when the seller is a foreign person, unless an exemption applies.

The person conveying property (grantor, the seller) and the person receiving it (grantee, the buyer).

A Florida homeowner's primary residence, which qualifies for certain property-tax exemptions and constitutional protections. Homestead status is re-established when ownership changes.

A Florida tax on new mortgages, calculated at $0.002 times the loan amount. Paid by the buyer at closing on financed transactions.

Title insurance protecting the lender's interest in the property. Required on every financed transaction. Issued jointly with the owner's policy at the $25 simultaneous-issue rate.

A claim secured against the property — mortgages, judgment liens, tax liens, construction liens. Liens must be satisfied and released before clear title can pass.

Title insurance protecting the buyer's ownership. One-time premium at closing, coverage lasts as long as the owner (or their heirs) own the home.

A federal tax-deferral mechanism allowing an investor to trade one investment property for a like-kind investment property without immediate capital-gains tax. Strict 45/180-day deadlines apply.

A premium or rate set by state regulation rather than by the company. Florida title insurance premiums are promulgated under Rule 69O-186.003, F.A.C.

A neutral third party that holds exchange proceeds during a 1031 exchange. Surety Title does not act as QI but does act as closing agent on both the relinquished and replacement properties.

A discount (up to 40%) on the owner's title premium when the property was previously insured within the last three years. Produce the prior policy to qualify.

Entering a document into the county's official public records — the act that gives a deed, mortgage, or lien priority and public notice.

A separate CD prepared for the seller showing the seller-side numbers. Delivered at closing.

The company (Surety Title) that coordinates the closing, handles the funds, notarizes signatures, and records the deed and mortgage.

When an owner's policy and a loan policy are issued on the same transaction, the loan policy is issued for a flat $25 instead of a separate premium.

A surveyor's drawing of the property showing lot lines, improvements, encroachments, and easements. Required by most lenders and by title insurers for extended-coverage endorsements.

Insurance that protects against loss from defects in title that existed before the policy was issued but were not disclosed. An owner’s policy protects the owner; a loan policy protects the lender.

The examination of public records to verify the current owner, identify encumbrances, and confirm a clean chain of title back through Florida's recording statute.

The TILA-RESPA Integrated Disclosure rule, which governs the Loan Estimate and Closing Disclosure forms and timing on most consumer mortgage closings.

A deed in which the seller warrants good title and defends against any future claims. The strongest form of deed a Florida seller commonly gives.

Westcor Land Title Insurance Company. One of the three underwriters Surety writes through.

WFG National Title Insurance Company. One of the three underwriters Surety writes through.