FREQUENTLY ASKED QUESTIONS
What is title insurance?
An insurance policy--protecting against loss should the condition of title to land be other than as insured.
Why do I need title insurance?
Buying a new home is one of life's most gratifying experiences. As you approach the big day of closing, however, all the details can be a little overwhelming. You might easily overlook the single most important step in the entire process -- the purchase of Title Insurance on the wonderful new home of yours.
What can make a Title Defective?
Any number of problems that remain undisclosed after even the most meticulous search of public records can make a title defective. These hidden "defects" are dangerous indeed because you may not learn of them for many months or years. Yet they could force you to spend substantial sums on a legal defense, and still result in the loss of your property.
Do I Need Title Insurance?
Purchasing real estate is probably the biggest investment you will ever make. With that in mind, you will probably want to insure it not only to protect it from fire and theft but also from title defects that may allow someone else to hold a claim to your property.
It is possible for prior owners and other entities to hold both legitimate and illegitimate claims against your property. Problems with the title can limit your use of the property and could lead to a financial loss. The security interest of your mortgage lender can be put at risk as well. Title insurance protects you and your mortgage company from potential risks associated with defects in title.
What is a title search?
A title search is a detailed examination of the land records concerning a property. A typical search for a purchase transaction goes back 60 years. The types of documents contained in a search include deeds, mortgages, court records, property and name indexes and taxes, as well as many other documents. An experienced attorney or title officer will examine these records to determine if the title to the property is insurable for the new owner. We look to determine the owner’s right to transfer and ascertain any liens or defects on title.
How much does Title Insurance cost?
The one-time premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance. It is a one-time only expense, paid when you purchase your home. Yet it continues to provide complete coverage for as long as you or your heirs own the property.
What does a title insurance policy cover?
- Correction for problems that did not show up during the title search or were missed by the examiner.
- Errors in public records.
How often must I pay the title insurance premium?
Title insurance policies are paid in-full with a one-time fee which is usually part of closing costs.