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	Title companies are similar to solicitors/attorneys who conduct closings in Florida. Licensed title companies conduct most residential closing. Title companies do not represent any party to the transaction. Their main purpose is to see that all State of Florida laws are being followed and that all parties are acting according to the sales contract. The initial deposit given for the purchase of a home is usually given to the title company along with the written sales contract. The title company will abstract information from the county records and will investigate the history of the property being purchased. The purpose of their investigation is to make sure that there are no harmful liens on the property. They will also insure that the title to the property is marketable. Based on the information received, the title company will issue Title Insurance on the property to the new homeowners. This insurance will protect the new homeowner as long as they own the home against any prior title defects that may have gone undetected during the purchase transaction. This title insurance charge is similar to the attorney’s/solicitor’s fees that is charged in other states or countries. Unless otherwise stated, the buyer pays this fee. The title company will prepare the closing package. They will also prepare the final Closing Statement (HUD 1 Statement). The final closing statement will contain all of the fees charged by all companies involved in the purchase transaction. The fees included on this statement will include, but not limited to: lender fees, real estate commissions, survey, credit report, title charges, property insurance, appraisal, State Tax on the Deed, Note and Mortgage, etc. The closing can occur at the title company’s office in Florida or the closing package can be mailed to the buyer(s) and seller(s). If the closing package has to be mailed to the buyers, please add an extra week for mail time. The closing package will contain documents that will have to be notarized by a public notary/commissioner of oath. Please make arrangements with your solicitor accordingly. It is highly recommended to purchase Title Insurance. If your purchase transaction involves a US mortgage company, they will REQUIRE you to obtain Title Insurance at the time of closing. If you are purchasing a home in “Cash”, please make sure that Title Insurance is a part of the money transaction. As mentioned before, obtaining Title Insurance is the same reason most people in the world involve an attorney when purchasing real estate. Do not purchase real estate without Title Insurance. Title Insurance is a one-time fee that will protect you for as long as you own the home. For further details on how Title Insurance Companies work in the State of Florida, please contact Orlando Properties & Investments, Inc.