A title is not the property itself, but the right to occupy and use
the property. Title insurance protects the purchaser, owner, and lender
from any defects in the title. Specifically, we insure the following:
The owner is insured
for the following:
-
The owner has a "clean"
title - we know who else has an interest in the property
-
Only liens or judgments
revealed in public records exist
-
Owner has access to
property either via public road or a recorded easement to a public road
-
The title is marketable
The lender is insured
for the following:
-
Purchaser has a good title
-
They have a good lien
on the property
-
They can sell the mortgage
to the secondary market
All lenders require
title insurance for the value of the mortgage.
To make sure that
you have a "clean" title, we research public records in the Court House
and Justice Building for the following:
-
Get copies of the latest
deed containing any restrictions or easements
-
Get copies of affidavits,
easements, contracts, powers of attorney, or any other documents that affect
the ownership of the property
-
Get copies of mortgages,
UCC liens, or mechanic's liens against the property
-
Determine the current
property taxes and whether they have been paid
-
Determine if any judgments,
personal property liens, federal tax liens, or state tax warrants apply
to either the owner or purchaser
We examine these documents,
along with a property survey, and prepare a commitment to insure your interest
in the property. Along the way we resolve any problems that may arise.
After the closing, we issue a FINAL POLICY completing the process.
Here are some helpful tips:
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