Title is evidence that a person has ownership or possession of land. In some cases, someone other than the owner of the property has legal right to the property and can make demands as to its use. This is why an attorney must review all preliminary paperwork on the property to ensure these discrepancies are addressed prior to closing.
Title Insurance protects you from financial loss in the event that problems develop regarding the rights to ownership of the property. It also pays the costs of defending against any covered claim. How much does title insurance cost? This premium is not paid annually, rather a one- time fee paid at closing. The cost of title insurance varies based on the size of the transaction. Call the experts at 110 Title for a free quote!
A search on a title could reveal a number of defects such as liens on the property as well as other restrictions, outstanding taxes, unpaid mortgages, judgments against a recent owner as well as restrictions on the use of the land. It can also reveal a party that might have an interest in the property.
A lender will require you to purchase a Lender’s Policy which only insures that the bank or financial institution has a valid and enforceable lien on the property. This cost is typically paid by the borrower. An Owner’s Policy on the other hand is designed to protect you from title defects or discrepancies that existed prior to the issue date of your policy. Pending legal action or improper estate proceedings are 2 examples of some title troubles that could occur and an owner’s title policy provides coverage for legal defense of your title.
Call 110 Title as soon as any deposits or applications are taken. We act as a mediator between all parties to help make sure your closing runs smoothly and with a clear title.
Barring extenuating circumstances, here is a list of items you will need to bring to closing:
- Cashier’s/certified check or wire transfer are required for closing. A personal check up to $2,500 is also acceptable.
- Photo identification (drivers license, passport or state-issued identification card)
- Documents such as a termite certificate, home warranty, or flood elevation certificate can be required
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