So you have decided to purchase a home, but you have no idea what ensues between now and the time you legally own it? Well, the next step is to obtain title for the property from a title company. Why, because a title gives the owner the right to possess and use the property. Though before you receive title, the title company will have to complete the following: Earnest money:  To show the seller and his agent you are a serious buyer, you will be asked to give the title company a deposit called earnest money. If the sale goes through, the earnest money will be applied towards the down payment. If the sale falls through, then, it is possible, that the earnest money will not be given back unless it is stated in the offer to purchase that it is refundable. Title search:  A title search is a detailed check of the records concerning the property. It is performed to verify the seller's right to change ownership. A title search will uncover any faults, demands and other pri...

According to the State of Florida Division of Agent and Agency Services the following was an actual case. (Note: All administrative investigations are subject to referral to the Division of Insurance for criminal investigation.) A Case: An Investigation of a title insurance agent alleged that she failed to deposit fiduciary funds in a separate escrow approved by the Department, failed to disburse funds in accordance with a HUD-1 Settlement Statement, and misappropriated fiduciary funds collected in the normal course of business. Disposition: Licensed revoked and permanently barred from engaging in the insurance business.