What is Title Insurance?
A type of insurance unique to real property that protects the lender and the buyer(s) from any defects in title that are not revealed by a title search or title examination. In simplest terms, it protects your title to your home from acts of previous owners that occurred prior to your purchase of the home. The terms of the policy define what risks are covered and what risks are excluded from coverage. The title insurer will reimburse you for losses that are covered, up to the face amount of the policy, and any related legal expenses. This protection is effective as of the issue date of the policy and covers defects arising prior to your ownership. Title companies issue policies on all types of real and personal property. Two types of title insurance policies for real property are common: a lender's policy and an owner's policy.
Do I need Title Insurance?
While the lender’s title insurance is required whenever you are signing for a new mortgage, the owner’s title insurance is optional. It is imperative, however, to understand that title insurance can protect you against huge financial loss, and possibly the loss of the title to your home, in the event that problems develop regarding the rights to ownership of your property. There may be hidden defects that would be impossible to find even with the most thorough title search performed. In addition, title insurance pays for the cost of defending against any covered claim. And the difference with title insurance, is that you only need to pay the premium once for any policy, with no further annual dues to pay.
Why doesn’t the lender’s title insurance protect me as the home owner?
The lender’s policy insures only the financial institution that is lending money to you under your mortgage. If you do not have any owner's title insurance, then you would not be covered if there were to be any loss of title.
Does a title search detect all problems?
Unfortunately, there is not a guarantee that all problems will be detected. There are some hidden problems such as fraud, forgery, missing heirs, defective deeds, and other errors in records that cannot be detected in a title search.
Can I speak to an attorney if I have questions about my transaction?
Of course. At Core Title Group, a Settlement Attorney is partnered with you from the beginning to closing. Our attorneys are always available to answer your questions.
When will I know the amount of funds required to close escrow?
Upon receipt of your loan documents and preparation of your escrow instruction, we will notify your real estate agent and/or you to let you know the amount of funds you will need to close.
What documents do I need to bring with me to the settlement?
Buyer:
Seller:
A type of insurance unique to real property that protects the lender and the buyer(s) from any defects in title that are not revealed by a title search or title examination. In simplest terms, it protects your title to your home from acts of previous owners that occurred prior to your purchase of the home. The terms of the policy define what risks are covered and what risks are excluded from coverage. The title insurer will reimburse you for losses that are covered, up to the face amount of the policy, and any related legal expenses. This protection is effective as of the issue date of the policy and covers defects arising prior to your ownership. Title companies issue policies on all types of real and personal property. Two types of title insurance policies for real property are common: a lender's policy and an owner's policy.
Do I need Title Insurance?
While the lender’s title insurance is required whenever you are signing for a new mortgage, the owner’s title insurance is optional. It is imperative, however, to understand that title insurance can protect you against huge financial loss, and possibly the loss of the title to your home, in the event that problems develop regarding the rights to ownership of your property. There may be hidden defects that would be impossible to find even with the most thorough title search performed. In addition, title insurance pays for the cost of defending against any covered claim. And the difference with title insurance, is that you only need to pay the premium once for any policy, with no further annual dues to pay.
Why doesn’t the lender’s title insurance protect me as the home owner?
The lender’s policy insures only the financial institution that is lending money to you under your mortgage. If you do not have any owner's title insurance, then you would not be covered if there were to be any loss of title.
Does a title search detect all problems?
Unfortunately, there is not a guarantee that all problems will be detected. There are some hidden problems such as fraud, forgery, missing heirs, defective deeds, and other errors in records that cannot be detected in a title search.
Can I speak to an attorney if I have questions about my transaction?
Of course. At Core Title Group, a Settlement Attorney is partnered with you from the beginning to closing. Our attorneys are always available to answer your questions.
When will I know the amount of funds required to close escrow?
Upon receipt of your loan documents and preparation of your escrow instruction, we will notify your real estate agent and/or you to let you know the amount of funds you will need to close.
What documents do I need to bring with me to the settlement?
Buyer:
- Wire transmission is preferred, but we will also accept certified checks to make all payments. A personal check may also be used for any nominal difference between your certified check and the final amount on the settlement statement
- Photo ID (passport, drivers license, state issued ID card)
Seller:
- Keys to the home, garage door openers, as well as any mailbox or storage keys
- Photo ID (passport, drivers license, state issued ID card)