Q: Why can’t I pay with a check or money order?
A: Due to the potential of a fraudulent check, ACH or money order, and the cost associated with this risk, our office requires all money be wired. Ross Title treats our security very seriously and takes precautions to send instructions in a secure way. You can read more about what we are doing to protect you from fraud here.
Q: What is Title Insurance and why do I need it?
A: Title insurance is an insurance policy protecting your ownership rights to your property. It is a one-time payment made at the time of closing and the policy protects you from financial loss should your ownership rights be compromised. The policy also covers the legal fees to defend your title in court. For more information about title insurance, click here.
Q: How much is Title Insurance?
A: Title insurance rates are regulated by state insurance departments. In addition, title insurance and real estate closing practices are regulated by the Consumer Financial Protection Bureau (CFPB).
State regulators in some states, including Florida, require all companies to charge the same rate for title insurance. You can view the exact cost of your closing by visiting the fee calculator on our website.
Q: Why is my loan payoff more than the amount listed on my most recent loan statement?
A: Mortgages are paid in arrears, which means your monthly statement reflects the payments made for the previous month. Your payoff amount will include the principal balance shown on your loan statement plus any interest accrued during the month in which closing occurs. Our Office also accounts for a few additional days’ of interest after closing to provide your lender processing time and ensure no additional interest is owed after closing.
Q: I have an escrow account with my lender. What happens with the money in escrow after my loan is paid off?
A: The money in your escrow account is yours! Once your lender receives and processes the payoff, your lender will send you a check for the amount currently in your escrow account.
Q: How long will my closing take?
A: We know how time consuming moving can be and we strive to make the closing process as quick and enjoyable as possible. While no two closings are alike, most closings at Ross Title take an hour or less.
Q: What if my driver’s license is lost or expired and I don’t have a passport?
A: Lenders require that closing attorneys verify the identity of borrowers, which requires the provision of a government issued photo ID. If your license is lost or expired, you will need to contact Florida Highway Safety and Motor Vehicles immediately to obtain a new or updated license.
Q: I am going to be out of the country at the time of closing. What do I do?
A: Lenders generally require that all parties be present at the time of closing. However, we understand that the unexpected can occur. If you will not be able to come to closing, please notify us immediately so that we can help find a solution and prevent any possible delays.
Q: How and when should I file for my Homestead Exemption?
A: New applications for Homestead Exemption for the current year must be made in person prior to March 1st at the Property Appraiser’s office or at select locations during the regular homestead filing period. If you move, you must file a new application for homestead at your new residence. It does not automatically transfer.
Q: How do I qualify for the Homestead Exemption?
A person who, on January 1, has the legal title or beneficial title in equity to real property in this state and who in good faith makes the property his or her permanent residence or the permanent residence of another or others legally or naturally dependent upon him or her, is entitled to an exemption. Once granted, you are entitled to a reduction of up to $50,000 from the assessed value of your dwelling.
To qualify you must be a permanent resident of Florida as of January 1st of the year in which you apply for the exemption. Florida law does allow new homestead applications to be filed prior to January 1st of the year the exemption is to be effective. However, pre-filed applications will only be accepted after March 1st of each year for the succeeding year.
Florida Statutes allow only one Homestead Exemption per "family unit." This means that anyone applying for the Homestead Exemption in Collier County would not be legally entitled to receive the exemption if they or their spouse are receiving residency-based exemption(s) in another state. This includes veterans and senior citizen exemptions. For more in depth information on filing for homestead, click here.
Q: What is a survey and should I get one?
A: A survey is a certified map of your property from a licensed surveyor. The survey will provide the boundaries of your property, the exact location of the home and any improvements on the property, and the existence and location of any easements. We highly recommend that if you are purchasing a home, you obtain a survey, since it is the only surefire way to know exactly what it is you are purchasing.
Q: What do I do if I think I have been the victim of wire fraud?
A: Please contact our office immediately and notify your bank. If you think you have been the victim of wire fraud, you will want to act fast.
Q: What county resources are available to protect against fraud?
A: Our local clerk’s offices offer a free property fraud alert service. Landowners can fill out a form, and you’ll be notified any time a mortgage, deed or other land document is recorded in your name.
Lee County Clerk of Court Property Fraud Alert Services
Charlotte County Clerk of Court Fraud Alert
Collier County Clerk of Court Official Land Records Risk Alert