Frequently Asked Questions

Why Do I Need Title Insurance?

Why do I need a title company to close a real estate purchase and sale? As a practical matter, the overwhelming majority of home purchases are financed by a loan with a bank or other mortgage lender secured by a mortgage on the property, and the lender will require that the transaction be closed...

Why do I need title insurance on a mortgage refinance transaction?

The short answer is that your lender requires as a condition of its making the loan to you that its mortgage be insured as having first lien position on the property you own. The title insurance that you are buying when you refinance doesn’t insure you, it insures your lender. It is a...

What is Echelon Title Services' Role in the Transaction?

What closing and/or settlement functions or tasks does Echelon Title Services serve in a typical real estate purchase and sale transaction? In most purchase and sale transaction closings, Echelon Title Services fulfills the role(s) customarily referred to as ‘escrow agent’...

Is Echelon Title Services licensed, bonded, and insured?

Yes, Echelon Title Services is a licensed Florida title insurance agency, meaning that we may issue policies of title insurance for underwriters who have agreed to appoint us as their agent. Echelon Title Services has been appointed as an authorized policy issuing agent of Old Republic National...

What geographical areas does Echelon Title Services serve?

Echelon Title Services is licensed in Florida only. We can and do handle closings all over the State of Florida. If the real estate is in the State of Florida, we can handle the closing and insure title.

Why must all funds due at closing be in the form of a wire transfer?

Like all title companies (and attorney’s offices that handle closings) we require the funds due at closing to be in the form of a wire transfer. Requiring wires protects the integrity of the funds entrusted to us by the depositing public. Further, state regulations do not allow us to...

Does Echelon Title Services accept personal checks? How do I obtain Echelon Title Services' wiring instructions for escrow?

We encourage all buyers to deliver escrow deposit funds by wire transfer rather than personal check for several reasons. However, for the convenience of the customers, Echelon Title Services accepts personal checks ONLY for payment of initial earnest money deposits and only up to $5,000.00...

Does it matter if the seller is not a U.S. citizen?

Yes, it matters a great deal if the seller is not a U.S. citizen. If the seller (or any of the sellers, if there are multiple sellers) is a foreign national i.e. non-U.S. citizen, then there is likely a withholding due of up to 15% of the gross sale price. The law which requires this withholding...