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What Does A Title Company Do?

In a real estate transaction, a title company researches the title to a piece of real estate to ensure it is legitimate. Next, they issue title insurance for that property, which protects the lender and/or owner against legal claims against the property that result from disputes over the title.

Answers to Frequently Asked Questions

1What is a title search?
A title search is a detailed examinationof the historical, public records concerning a property. These records include deeds, court records, proerty and name indexes, and many other public documents.
2What is title insurance?

Title insurance is an insurance policy that protects your legal rights to own, possess, use, control and dispose of land.

3Why does someone need title insurance?

Lender's Policy:
Lender's Policy is required for a mortgage, financially covers the amount of the loan, and provides protection to the lender.

Owner's Policy
Owner's Policy protect the land owner against any title loss, which ensures the value of the property.

With title insurance, if a claim is made against the title, the underwriter must pay any and all cost associated with defencse against the challenge, and if unsuccessful in that defense, reimburse the land owner for any reduction in the value of land.

4Is title insurance as important as homeowner's insurance?

Home owner's insurance typically provides protection against theft or damage. If fire destroys your home, you can rebuild and buy new possessions. If the title to the land fails, you could lose the right to inhabit your home as well as the land it occupies.

5How much does title Insurance cost?

Title insurance premiums are set by the State Department of Insurance. However, you pay for an owner's policy of title insurance only once; there are no monthly premiums.

6How long does title insurance coverage last?

The lender's policy of title insurance last until the mortgage is paid in full. A owner's policy of title insurance lasts for as long as you or yours heirs retain an interest in the property.