What is Title Insurance?

What is Title Insurance?2021-08-26T14:04:29+00:00

Title Insurance provides peace of mind that your title company will stand behind you if a covered title issue arises after you have bought your home.

F.A.Q.

What is title insurance?2019-09-18T18:55:31+00:00

Title insurance is your policy of protection against loss if any of these problems – even a “hidden Hazard” – results in a claim against your ownership.

What is a title?2019-10-06T03:49:35+00:00

A title is the foundation of property ownership. It is the owner’s right to possess and use the property.

What is a title search?2019-10-06T03:49:44+00:00

A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.

What kinds of problems can a title search reveal?2019-10-06T03:51:51+00:00

A title search can show a number of title defects and liens. as well as other encumbrances and restrictions. Among these are unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions limiting the use of the land.

How does title insurance protect my investment if a claim should arise?2019-10-06T03:52:18+00:00

If a claim is made against your property, title insurance will, in accordance with the terms of your policy, assure you of a legal defense – and pay all court costs and related fees. Also, if the claim proves valid, you will be reimbursed for your actual loss up to the face amount of the policy.

Are there different types of title insurance policies?2019-10-06T03:52:31+00:00

Yes. Basically there are two different types of policies – a loan policy and an owner’s policy. The loan policy protects the lender’s interest in the property as security for the outstanding balance under the buyer’s mortgage. The owner’s policy safeguards the buyer’s investment or equity in the property up to the face amount of the policy. (Title insurers in many states offer increased policy coverage through inflation endorsements to cover increases in value due to inflation).

How long does my coverage last?2019-10-06T03:52:46+00:00

For as long as you or your heirs retain an interest in the property and, in some cases, even beyond.

Who pays the cost of title insurance?2019-11-30T07:45:48+00:00

It varies from state to state, and sometimes among different counties within the same state. Sometimes it’s the buyer, and other times the seller. Sometimes the cost is split: The seller will pay for the lender’s title policy, while the buyer covers the cost of the owner’s policy. These items are negotiable, and are therefore affected by the type of real estate market you’re in.

When refinancing my home why do I have to buy Title Insurance for the Bank again?2019-10-06T03:47:25+00:00

Yes, you did get Title insurance  when you got a loan and the Title Insurance you bought protected the Bank that lent you the money from any thing that happened in the past. The Insurance you buy on the date you refinance covers the Bank from the date you last refinanced up to the present. When you refinance you are entitled to a “reissue rate” that discounts the premium lower than what you paid the first time.

What happens after the closing?2019-11-03T19:29:38+00:00

1. The original and notarized loan package will be returned to the Lender.
2. Any funds or checks that were not disbursed at the closing table will be expended.
3. Documents are recorded in official records of the corresponding county (i.e. Warranty Deed, Mortgage, etc.).
4. Title insurance policies are issued.

Educational videos retrieve from Old Republic title  video library https://www.oldrepublictitle.com/video-library/

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