Q: What is Title Insurance?
A: Real estate title insurance for an owner is a policy guarantying that you are the owner of the property you purchased in the amount of the insurance you have ordered and guaranteeing that your ownership is superior to all claims other than those indicated on the policy and subject to only those items of diminution of title as may be listed such as easements and encumbrances of record. It is obtained by making a thorough search of all items of record. It is obtained by making a thorough search of all items of record concerning a particular property. Should anyone claim that they have a superior title to your interest, the title company will defend against such claim and take responsibility for any errors in the issuance of said policy and make such corrections as may be required, all to the extent of the face amount of the policy.
Q: If A and B are in title and are married, how do they hold title?
A: By the entireties, unless the deed by which they took title shows otherwise.
Q: What happens if A and B took title as joint tenants with rights of survivorship and one dies?
A: The property passes to the survivor without probate.
Q: What happens if A and B took title as tenants in common and one dies?
A: The property of the deceased passes to his or her heirs.
Q: What happens to my prior mortgage when I obtain financing with another lending institution?
A: It gets paid off prior to recording the new mortgage and any escrow balances due to the borrower are returned to borrower by their prior lender.
Q: How long does it take to get a commitment for title insurance?
A: Two to five days depending on the accuracy and adequacy of information provided.
Q: How long does it take to close a buy-sell transaction where there are lenders involved?
A: After lender approval has been given and they have provided the title company with their lender’s instructions for closing, the transaction may be closed whenever the parties wish. After obtaining the commitment, if there are any items on title which need work, objections which need to be removed, the title company does the work to get them removed, if possible and if not, to notify the parties that the title is unmarketable or marketable with limitations. After title conditions have proven to be satisfactory to provide a basis for issuance of an owners or mortgage policy, the title company proceeds to close. Average time from order receipt to closing (other than for a specific date requested) is about two to three weeks.
Q: What does it cost to have title insurance?
A: You can view our list of services and their related costs by clicking here.