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Here is a list of the questions we are most frequently asked. Click on a question to view
the answer below. If you are curious about something not addressed here, or would just like
more information, please call or send us a note.
Please contact us for a rate quote. We will need the state in which the property
is located, the sales price (if applicable) and the estimated or actual proposed
loan amount. You may also view Rates. The cost varies, depending mainly on the
value of your property. The important thing to remember is that you only pay once,
then the coverage continues in effect for so long as you have an interest in covered
property. If you should die, the coverage automatically continues for the benefit
of your heirs. If you sell your property, giving warranties of title to your buyer,
your coverage continues. Likewise, if a buyer gives you a mortgage to finance a
purchase of covered property from you, your coverage continues to protect your
security interest in the property.
If I have a problem, will I lose my property to make a claim?
Not at all. At the mere hint of a claim adverse to your title, you should contact your title
insurer or the agent who issued your policy. Title insurance includes coverage for legal expenses
that may be necessary to investigate, litigate, or settle an adverse claim.
What is title insurance?
It is an insurance policy that protects the insured against loss should the condition
of title to the land be other than as insured. Unlike other types of insurance that offer
protection against future possible occurrences, title insurance offers protection against
past occurrences which could result in a claim at a future date. Coverage continues in
effect for so long as you have an interest in the covered property. If you should die,
the coverage automatically continues for the benefit of your heirs. If you sell your
property, giving warranties of title to your buyer, your coverage continues. Likewise,
if a buyer gives you a mortgage to finance a purchase of covered property from you, your
coverage continues to protect your security interest in the property. Title insurance
provides the insured with "peace of mind" in knowing that you are receiving good and
marketable title to the real estate you are purchasing.
Why do I need title insurance?
When you buy a home, or any property for that matter, you expect to enjoy certain benefits
from ownership...to be able to occupy and use the property as you wish, to be free from
debts or obligations not created or agreed to by you, and to be able to freely sell or pledge
your property as security for a loan. Title insurance is designed to cover these rights.
Without an owner's title insurance policy, you may not be fully protected against errors in
the public records, hidden defects not disclosed by the public records, or mistakes made
during the examination of the title of your new property. As a result, you may be held fully
accountable for any liens, judgments or claims brought against your new property. However,
your owner's title policy insures that if such an occasion arises, you will be defended, free
of charge against all covered claims and paid up to the amount of the policy to settle valid claims.
What is a title search?
A title search is a thorough review or examination of the public records that pertain to real
property ownership and the rights/limitations of its use. The search period begins with the current
owner(s) and extends back in time for a period of 60 years (commonly referred to as the "chain of
title"). All documents affecting the subject property are reviewed for accuracy, completeness and
proper execution. Similarly, all owners of record during the search period are indexed to determine
their ownership interests, marital status and legal and mental capacity to enter into a contract to
sell/buy real property. All conveyances must have been properly conducted and approved by the
appropriate governmental departments.
What issues can a title search reveal?
A title search can show any number of title defects, liens, and other encumbrances and
restrictions. Among these are unpaid taxes, unsatisfied mortgages, judgments against
buyers/sellers and any restrictions or conditions limiting the use of the land.
Are there any issues a title search may not reveal?
Yes. There are some "hidden hazards" that even the most diligent title search may not reveal.
For instance, a previous owner could have incorrectly stated his marital status resulting in a
possible claim by his legal spouse. Other hidden hazards include fraud, forgery, defective deeds,
mental incompetence, confusion due to similar or identical names, and clerical errors in the
City/County land records. These defects can arise after you've purchased your home and can
jeopardize your right to ownership in part or full.
What is a HUD-1 Settlement Statement?
This is a summary of the financial portion of the real estate transaction. The title company or
closing agent is required by the Department of Housing & Urban Development to use the HUD-1 on
virtually all one-family to four-family residential real estate transactions involving a lender.
The statement will list the purchase price, loan amount, closing costs for the buyer and seller,
and will show all sums being charged and disbursed to the parties involved. It also clearly
summarizes the total amount due from the purchaser.
If my lender obtains title insurance, why do I need it?
The lender's policy covers only the amount of its loan, which is usually not the full property
value. In the event of an adverse claim, the lender would ordinarily not be concerned unless
its loan became non-performing and the claim threatened the lender's ability to foreclose and
recover its principal and interest. And in the event of a claim, there is no provision for
payment of legal expenses for an uninsured party. When a loan policy is being issued, the small
additional expense of an owner's policy is a bargain.
What types of risks are covered by title insurance?
Standard Coverage addresses such risks as:
Forgery and impersonation
Lack of competency, capacity or legal authority of a party
Deed not joined in by a necessary party (co-owner, heir, spouse, corporate officer, or business partner)
Undisclosed (but recorded) prior mortgage or lien
Undisclosed (but recorded) easement or use restriction