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Title Insurance, Questions and Answers What
is Title Insurance? First,
the word Title is a collective term for all your legal rights to own, use and
dispose of land. Title includes all previous ownership, uses, and transfers.
Before the transfer of real estate property, it is strongly suggested that a
title search be performed, and in most cases, the title must be found free
and clear of any circumstances that could affect your ability and right to
maintain ownership. Title
Insurance protects against the possibility of future loss should your legal
rights to your property be challenged. There
are two types of title insurance: an owner’s policy and a lenders policy. The
lenders policy protects the lenders interest in the property up to the amount
of the mortgage filed against the property. While a lenders policy is
generally required in order for a bank or other lender to grant a mortgage
loan, an owner’s policy is actually optional, but highly recommended. What
is a Title Search? A
title search was described in a previous “Title Tip” which can be found on
our web site under the heading of “Title Tip Newsletter”. That article is
dated August 31, 2007. Briefly, a title search is a detailed examination of
the public records on a particular property to verify the sellers right to
transfer the property. How
long does Title Insurance last? A
lenders policy lasts until the Mortgage/Deed of Trust is paid in full, once
paid off the coverage ceases. An owner’s policy remains in force as long as
you or your heirs have an interest in the property. If challenges arise after
the property has been passed to your heirs, the title insurance company would
defend the title for them just as it would have for you, up to the amount of
the actual loss, which could be the full amount of the policy limit. In
a future “Title Tip” we will cover some of the common items a title insurance
policy would cover along with a brief description of the meaning of those
coverage’s. Unlike most other forms of insurance the cost of title insurance
is a one-time fee, payable at the closing, never a monthly premium payment
due. Any questions can be directed to
Benchmark Title at 618-239-3750. Please feel free to call or
email:
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clients a free CD at closing containing copies of their closing documents. Give me my policy! Did you know that
lenders and home buyers now receive their title policies at the closing
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Contact us today for a quote! Why wait? You can place your
next title order now by clicking here.
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