A Title Commitment is a result of a title search of the public records. It carries no liability and does not insure the addressee of the accuracy of the information. A Title Commitment is written in anticipation of a future Title Insurance Policy. A Title insurance policy insures someone or some entity against a possible loss. Example: John Smith purchases a property and he has title insurance and the policy is dated Jan 2, 2008. John Smith insured by the title insurer that he has free and clear title subject to the exceptions in his title policy. TitleExaminer237 http://sites.google.com/site/michigantitleexaminerportal/
The vehicle must be insured by the person whose name appears on the title. Only the person who holds the title/deed to property has insurable interest in said property, thus they are the only ones who can take out an insurance policy to protect it. If the parents wish to insure the vehicle on their policy, they must have the vehicle re-titled in their name and add the vehicle to their policy. Their son may be added to the policy as the vehicle's principal operator.
The title insurance company is liable for the legal description that was insured at market value/amount of your policy
yes, the insurance policy is different from the car title (title is government, insurance is business) in most states, if you live together, you are both required to be insured on the car.
Your parents would need to add the car to their own policy.
No. You need to have an insurable interest in the vehicle. (Rough) Example: If you could be the insured party on any car you didn't own, you could claim that car was written off and get a payout that wasn't due to you. Actually, when I was 18, I was co-insured on a car that was not in my name. Not added to a policy, but my name was actually on the policy with the owner of the car even though my name was not on the title or registration.
From what i understand, the vehicle can stay registered and insured in the home state to remain the same as the title holder or lienholder, you are basically using a borrowed vehicle, that makes you not responsible for the registration and insurance
Yes, anyone who takes title by operation of law, inheritance for example, is an insured under the title policy No. Title insurance is non-transferrable. The coverage is only for the life of a loan (Mortgage Policy) or from conveyance to a new owner from the current owner (Owner Policy). Even if the property you inherited had been "in the family" for years, it is still wise to have a property search done on the property to make sure it is free of liens and possible claims. Once you know the true status of it, you can make the decision to purchase an Owner's Policy to insure your interests against prior owners. If you are not keeping the property, intending to sell it, you'd want to know the status of the title so you didn't have surprises later on at the closing table. The fact that you are inheriting the property does not guaranty clear title.
title has no effect. insurance takes precedent.
yes it is called a salvaged title
Neither. The title company represents itself. A POLICY is issued for either a Loan/Mortgage Policy covering the Lender's interest in the property when a loan requires title insurance by the Lender. An OWNER'S Policy is issued to the new buyer should they choose to take out an Owner's policy to cover prior owner's acts that could affect the property. An Owner's Policy may also be used when a current owner makes substantial improvements to a property. For example, you inherited an empty lot from your parents, who inherited it from their parents. 2 years later you decide to build a house on it, using cash. The value of the lot originally was $1000.00 The new value of the property with improvements will be $125,000.00. Since title work was never since before your grandparents owned it, you decide to have the property searched and insured under an owner's policy since the value of the property is considerably higher than the original lot value. Title companies INSURE property risks. Therefore they represent themselves as an insurance agent/company. A buyer, seller, current owner can be respresented by themselves (pro se) or by legal counsel only. Title agencies and title companies, by law, cannot offer legal advise.
Depends on the rank of the parents. They inherit the title when the parents die.
does the name on the insurance policy have to be the same as the title in anderson south carolina
The owner of the policy.
No. Title insurance only covers the person who purchased the policy. You would need to purchase your own title insurance policy.
In califorani it deponds on the insurance company. Shop around. It is also possible to get a "non-owers" policy if you do not own a car.
A title commitment is just what it is. It's a commitment. Meaning as long as all of the conditions are met on that commitment, after closing, title insurance will be issued. A commitment is not considered insurance. Your title is not insured until after closing when the new deed and/or mortgage has been recorded. At that point, the title company issues insurance. If you are buying a new home and depending on where you are, you should receive your title policy about 60 days after closing along with either the original or a copy of your deed.
Status as an insured on an auto policy is generally tied to a specific auto that is insured under the policy. That is, unless you are named on the policy as an authorized user of the vehicle, you will not have coverage. Non-owners coverage is a type of auto insurance that "follows you", in that it provides coverage regardless of the car that you are driving, and which presumes that you do not own a vehicle. Since your car was "totalled", until and unless it is repaired and you get a "rebuilt title" for it, you fall into the category of not owning that vehicle any longer.
As far as I know, at least where I live, it makes no difference who's name is on the title. If you are authorized to drive the vehicle, it can be insured on anyone's policy. The only thing that is required is that the vehicle has insurance, period. I know that in my personal life, I am driving a truck that is in my brother's name, and I am making payments to my mother for it because she accquired the truck from my brother via an even trade for a different truck. I carry insurance on the truck in my name and on my own policy. I don't plan on changing the title over until I have it paid off.
Yes i n the state of Texas there are many reasons for a separte insurance policy. The vehicle which you drive can be insured by the owner, ie bank or individual and the driver even when the driver is not on the title.
Any time the owner of an insurance policy dies, a new policy must be issued. The owner/beneficiary must have a vested financial interest in the potential loss. Otherwise you could take out a policy on your neighbor's life or home. In the case of marital property, the surviving spouse usually only needs to have the title of the policy changed if her or she was a co-owner of both the insured property and the insurance policy.
Lender Policy When taking out title insurance, usually for a minimal fee you would obtain a simultaneous policy...So that you and your lender would be covered. It is important to have an owners policy covering the value in the home above the lender so that your interests are covered as well.
If you have recently purchase a property and paid for an Owner's Policy, that policy will be sent to you or your attorney as soon as the Title Agency is in the position to insure the title. This typically happens after all conditions of loan and purchase have been satisfied and the Deed, Mortgage and any other recordable documents have been received and indexed by your County or City Clerk. If you purchased a property and paid for title insurance, but never received a copy, you can simply contact the title agency that did the work and request a copy. If they do not provide you with your requested copy, contact their insurance underwriter and they will resolve the issue and make sure you are provided with a copy of the policy. An Owner's Policy is good for a long as you own the insured property, whether that be 1 year or 100 years. Title insurance is non-transferrable and insures your interests against the "history" of the property, such as prior owner's acts, mortgages, liens, etc.
I would not insured a rebuilt vehicle because no matter what there is always going to be an issue if the vehicle is totaled as to what the value of the vehicle is. You and I know that a vehicle with a rebuilt title will be worth less that a vehicle with a clear title. I would use a stated value policy to value the vehicle so that there is no misunderstanding if an accident occurred.
No if you consign you should be listed as the additional insured but you dont need to be on the policy provided of course that you are not driving the vehicle and are not a resident of the household where the vehicle is kept.