Resources
Common FAQs
What is Title Insurance?
Put simply, title insurance helps protect you against common hidden risks of purchasing property that can cause a loss of ownership or create an encumbrance or lien on the title and it will pay for defending against any lawsuit attacking the title as insured. It will either clear up the title problems or pay the insured's losses.
Some common hidden risks you may encounter include forgery and impersonation, a deed not joined by a necessary party, erroneous or inadequate legal descriptions, lack of a right of access, undisclosed or missing heirs, and mistakes in recording legal documents.
I am refinancing and my present mortgage is already covered by title insurance. Do I need another policy?
Yes, the policy issued on your present mortgage insures that mortgage only. An updated mortgage or a different mortgage holder will require a new lender’s title insurance policy. Most lenders require a new title insurance policy be obtained by the mortgagor, however, it can be purchased at a discounted price.
What is a 3-Day Right to Cancel?
This applies to a refinance of your primary residence. You have until midnight on the third day following the execution of the loan documents to rescind (or cancel) the loan. If you do not rescind within the required 3-day timeframe disbursement of the loan will occur on the following day.
Is a deed sufficient evidence of ownership of the property?
No, you need a deed and a title insurance.
Why do I need Owner’s Coverage?
Owner’s Coverage protects you against what you don’t know. It protects you against financial loss due to title defects. It protects you against human errors of lawyers, surveyors, and others that may cause you financial loss. Additionally, it provides a defense to you, the property owner, in all legal actions or proceedings alleging the title to be other than as insured.
Is a search of the title to my property necessary?
Yes. A professional search tells you and a lender the property is insurable. Because of laws enacted to protect the rights of the owners and heirs to a property, combined with the rights of lien holders, municipalities, and other governmental agencies, research on a title has become a necessity. However, even after extensive research, the main protection an owner or lender has against risk is through the purchase of a title insurance policy.
What happens if there is a claim against my property?
When you become aware of a claim or a possible claim, you should contact your title insurer or the agent who issued your policy.
Title Search
A title search is a thorough check of the records concerning the property. It is performed to verify the seller's right to change ownership. A title search will uncover any demands, faults, and other privileges or restrictions on the property.
Settlement
Many events happen during settlement; the seller signs the deed, the buyer signs the new mortgage, the old loan is paid off and the new loan is established. The seller, real estate professionals, attorneys, surveyors, and others performing services for the parties are paid.
Additional Information
-Photo ID needed for all persons involved in the real estate transaction
-Proof of Home Owners Insurance with paid receipt will be needed for all purchases
-VA or FHA loans require Original, Clear Termite Inspection and Social Security Cards for all parties
-All funds over $1,000.00 must be wired to our escrow account
-Please allow ample time to initiate and receive a wire
-We can no longer accept third party checks including local title agency checks
-All earnest money deposits over $1,000.00 must be wired to our escrow account