Page 4 - 18-09 BEAR Newsletter LR

REALTOR Recognition
®

Dena Wilcoxen, Berkshire Hathaway

HomeServices Florida Realty, has volunteered

with Sunshine Kids for over 10 years.

Organization you work with: Sunshine Kids Why is the organization important to the
community?
How long you have been a volunteer w/ them: 10+ years
Sunshine Kids is dedicated to children with
What do you do to help the organization/volunteer? cancer. Monies that are raised locally provide
I am the co-chair for our annual gala, which entails planning, a variety of programs, events, and trips - free
raffle item collections, soliciting sponsors, participating in fund- of charge - to local children receiving cancer
raising events throughout the year, culminating in our annual treatments. Their days are filled with hos-
gala. This is our 17th year and our Rise and Shine Gala will be pital stays, doctor visits, hair loss, feeling badly, and coping with
held November 17 at LaPlaya Beach & Golf Resort. www.Sup- the look of worry from friends and loved ones. The Sunshine Kids
portSunshineKids.com Foundation allows children with cancer to do what kids are meant
to do - have fun and celebrate life!

Counsel’s Corner

Purchasing Residential Property in Collier County

Part II of III By: Michael Michetti lier County transactions, and lasts for as long as the buyer and
its heirs have an interest in the property. Many buyers believe
Title Insurance – What’s the Point?
they don’t need title insurance, here is a few examples as to why
To protect possibly this most important of investments, both it is imperative:
financially and emotionally, it is absolutely imperative that the An innocent buyer purchased an attractive home through a
real estate purchaser obtain title insurance on the property. Pur- realty company, accepting a notarized deed from the seller. Then
chasers and their lenders seek assurance that the quality of the another couple, the true owners of the property — who lived in
title to the property is satisfactory. An owner’s policy protects another locale — suddenly appeared and initiated legal action
the purchaser, while the loan policy protects the lender against to prove their interest in the real estate was valid. Under the
loss due to unknown title defects. Both policies can be issued at Owner’s Title Insurance Policy of the innocent buyer, bought for
the same time for a nominal fee. Title insurance is issued after a a one-time fee at closing, the title company provided a money
careful examination of copies of the public records. But even the settlement to protect against financial loss. As it turned out, the
most thorough search cannot absolutely assure that no title de- forger spent time in advance at the local court house, searching
fects are present. Title insurance will pay for defending against the public records to locate property with out-of-town owners
any lawsuit attacking the title as insured, and will either clean up who had been in possession for an extended period of time.
title problems or pay the insured’s losses.
The individual involved then forged and recorded a deed to a
Title insurance can protect against the false impersonation of fictitious person and assumed the identity of that person before
the true owner of the property; forged deeds, releases or wills; listing the property for sale to an innocent purchaser, handling
undisclosed or missing heirs; instruments executed under most contacts through an answering service.
invalid or expired power of attorney; mistakes in recording legal Fraud and forgery are examples of hidden title defects that can
documents; misinterpretations of wills; deeds by persons of remain undetected until after a closing despite the most careful
unsound mind; deeds by minors; deeds by persons supposedly precautions. There are many other unintentional defects as well,
single, but in fact married; and liens for unpaid estate, inheri- and a solid cost to risk analysis demands every buyer obtain title
tance, income or gift taxes.
insurance at closing.
Owner’s Title Insurance, called an Owner’s Policy, is usually Michael Michetti is the founder of real estate department at
issued in the amount of the real estate purchase. It is purchased Woods, Weidenmiller, Michetti & Rudnick, LLP and serves as
for a one-time fee at closing, typically paid by the buyer in Col-
General Counsel to BSER.
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