What is Title Insurance?

Title Insurance protects your vested interest in real property from possible title defects that may be against the property. Unlike conventional insurance, title insurance works in arrears. Your title insurance policy protects you from the effective date and back.

Is Title Insurance required?

Although title insurance is highly recommended by experts, purchasing an owner’s policy is not required when the buyer is paying cash for the property. If the buyer is obtaining financing, majority of lenders require that the borrower purchases a Lender’s Policy.

Why do I need Title Insurance?

Being a new owner, you expect to enjoy the benefits of your newly acquired property without any issues. When you purchase a piece of property, you take the risk of being responsible for all items that may be attached to the property. Title Insurance protects you from certain liabilities that could cause you hardship, including the inability to sell your property, or even the risk of losing the property altogether. For a nominal one-time fee, is it worth taking the risk by not purchasing title insurance?

What will Title Insurance protect me from?

Title Insurance protects your invested interest from many defects. Although this is not a conclusive list, here are some examples:

  • Unpaid mortgages, judgments, and liens
  • Unpaid taxes and assessments
  • Improper execution of documents
  • Errors in recording of legal documents
  • Errors in legal descriptions of property
  • Forgeries and fraud
  • Undisclosed heirs
  • Gaps in the chain of title
  • Deeds by minors

What is the cost of Title Insurance?

Title Insurance expenses can vary depending on the state, the county, and the value of the property. The Important thing to remember is that you only pay ONCE. Coverage remains in effect for as long as you have interest in the property. Generally, title insurance is about 1% or less of the purchase price of the property. Please CONTACT US for your detailed quote.

Who Pays for Title Insurance?

The responsibility for paying title insurance can vary depending on the local custom of state and county. It is negotiable when drafting up your real estate contract. Typically, the party who pays for title insurance has the benefit of selecting the title company of their choice.

What is the Difference between an Owner's Policy and a Lender's Policy?

An owner’s policy insures the buyer from possible title defects. The coverage amount is generally equal to that of the purchase price. A lender’s policy insures the lender from possible title defects. The coverage amount is generally equal to that of the loan amount. When an owner’s and a lender’s policy (or Policies), covering identical land are to be issued, a discount called “simultaneous issue rate” may be given.

What is the difference between Title Companies?

The title insurance industry is highly regulated and controlled. Some title companies may have the ability to perform additional services than others, but generally they are all equal. We believe the most important factors are providing outstanding customer service and creating a longstanding relationship with your title company for current and future transactions. WHY UNITED TITLE AGENCIES?

When and where is the closing?

Closings generally take place Monday through Friday. We are very flexible in regards to the time and location. We know how valuable your time is, so we base our services around the convenience of your schedule. We will get in contact with all parties to schedule your closing. You do not need to be in town in order to close. Your documents may be sent to you overnight or by email, however you will be required to sign in front of a notary with two separate non-related witnesses. The package will then be required to be overnighted back to United Title Agencies.

What do I bring to the closing?

U.S. buyers and sellers will need to bring a valid, unexpired government issued photo ID. Foreign buyers and sellers are required to bring a valid unexpired passport. Some lenders require that two forms of ID to be brought to closing. Any funds that are required to close must be sent in by wire. Other additional documents, such as the original certificate of approvals from a Home Owners Association may be required as well. We will inform you before closing what documentation is needed, however if you have any questions or concerns, please contact us before your closing. CONTACT US

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