Frequently Asked Questions
With few exceptions, a home represents the largest single investment most people make in their lifetime. Thus it is only natural that an owner will want to make that investment secure by protecting the basic proof of ownership. Title insurance is the most effective and low cost way of doing just that.
What is Title Insurance?
Title Insurance is an insurance policy that protects you, the insured, from claims on the property in regard to ownership. It protects you against problems that occurred before you became the owner of the property. Title insurance also defends you in the case of anyone filing a claim against your property. Defending your property against a false claim can be costly and time consuming.
Wouldn't an abstract show property limitations and restrictions?
Maybe - and maybe not. An abstract is a history of the property title as revealed by the public records. Abstracts may contain errors and do not disclose "hidden hazards" that can threaten your property title if you do not have a title insurance policy.
What type of problems does Title Insurance protect me from ?
Some of the most common problems covered by title insurance include fraud, forgery, judgements, unpaid taxes, liens, and other defects that could affect ownership rights to your property
Are there different types of Title Insurance policies?
Yes. There are two basic types of policies; the first is an Owner's Policy and the second is the Lender's Policy. The owner's Policy protects the interest of the real estate owner, while the Lender's Policy protects the interest of the lender or mortgagee.
When does Title Insurance expire?
Never. Your Owner's Policy protects you and your heirs even after you no longer own the insured property. A Lender's Policy terminates when the insured mortgage is satisfied.
Who is responsible for the Title Insurance, the seller or buyer?
The seller in a real estate transaction is responsible for providing an Owner's Policy to the new owner.
What is the cost of Title Insurance?
When you call for a quote on Title Insurance, our examiners will ask you a few simple questions before quoting you a price. They will need to know:
They will then be able to give you a competitive quote.
What is prior title evidence?
That is the title you received when you either acquired the property or last refinanced you property.
Is all Title Insurance the same from all companies?
There is a difference in title companies and their agencies. It is important to select a company that has a solid reputation and takes the time to discuss your needs.