FREQUENTLY ASKED QUESTIONS
What Is A Title?
Title is a legal term that refers to one’s right to own, possess, use, control and transfer an interest in real estate. Title may also refer to the way a person holds the ownership (i.e. as a sole owner or jointly with another person). Title may be vested in a person or entity such as a trust or corporation.
What is Title Insurance?
If you’re buying a home, title insurance is a policy that protects your investment and property rights. There are two different types of title insurance: owner’s policy and lender’s policy. An owner’s policy protects you, the homeowner, for as long as you own the home. A lender’s policy is usually required by the lender and protects only the lender’s financial interest. Purchasing an owner’s title insurance is the best way to protect your property from possible future claims. The one-time payment for owner’s title insurance is low relative to the value of the home. It is based on the sales price and is about 0.5% of the purchase process.
What Does A Title Company Do?
A title company brings together and executes the interests of all parties to a real estate transaction, including the buyers, sellers, mortgage lender and real estate agents. We act as a neutral third party to the transaction to ensure that all requirements for settlement are fully satisfied and the title is clear and insurable. In addition to issuing title insurance policies, clearing liens and legally transferring title, we also disburse the monies to all parties entitled to payment out of the proceeds of settlement.
What Is A Title Search?
How Do I Choose A Title Company?
How Does Title Insurance Protect my Investment?
According to the terms of your policy, title insurance will pay your legal fees to defend yourself against a fraudulent claim and also pay any valid claims, up to the face value of your policy. Owner’s title insurance is a one-time payment and coverage lasts for as long as the owner or their heirs own the property.