Two types of title insurance coverage: 1. Mortgage Policy - Covers the Primary Lender for the life of the loan. As the loan is paid down, the coverage goes down with it. When the loan is paid off (either through life of loan payments or refinance) the Policy is no longer in affect. 2. Owner's Policy - Covers the new owner for the history and prior owner acts affecting the property. Owner's Policy is in effect for as long as the new, current owner owns the property 1 year or 100 years. Acts of new owner after issuance are not covered, only prior owner acts at time of purchase. Since each property is unique, the coverage is unique to the property. "Standard" coverage insures the history of the property If a issue creates a cloud on title (marketability, loanability,etc.), that will be shown on the title report along with requirements needed to address the cloud (tax sales, old mortgages,etc). If an issue cannot be removed from title, the buyer has the option of not purchasing the property or accepting it with the known defect and the title agency will "except" that defect from coverage ie: not insure it. Title insurance is non-transferrable. If you sell the property, you cannot transfer your Policy to the new owner. A Lender, however, can usually assign the Loan Policy coverage to an assign or purchasor of the loan if they have purchased Secondary Market coverage at the time the Policy was issed and the original terms, conditions and original loan amount has not changed as part of the purchase of the loan.
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.
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/
"Advantage" title insurance sounds like a product of a particular Underwriting company. It is not a TYPE of title insurance. Many Underwriters have a "premium" Policy available to consumers that has additional benefits over the standard insurance. Ask your title agent for a side-by-side comparison of the two policies.
No. Title insurance only covers the person who purchased the policy. You would need to purchase your own title insurance policy.
does the name on the insurance policy have to be the same as the title in anderson south carolina
title has no effect. insurance takes precedent.
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.
Contact the claims department of the title insurance underwriter that issued your policy.
If title insurance is not purchased at closing, then it can be purchased later. Generally a title insurance policy can be issued within 14 days of the closing.
Does the seller pay fortitle insurance policy
Does the seller pay fortitle insurance policy
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.
Insurance is purchased for the car, not the driver. Until the car has been insured it cannot be driven by anyone. Note that most states do allow a short grace period after you purchase a car in which it can be driven without insurance to let you purchase insurance and handle title/registration paperwork. This grace period does not apply to a car that you have either allowed the insurance to lapse or have removed its insurance. If you already have another car insured (which it appears you do) and wish to drive a car that is not currently insured, contact your insurance agent and have them temporarily transfer the policy to the other car.
When purchasing or refinancing a home, you will have settlement conducted by a Title Company, the title company is also the licensed title insurance provider. Up to two policies will be issued. Maryland Specific: If you are purchasing a property and taking out a loan, the lender will require a Lenders Title Insurance Policy. And you will have the option of purchasing an owners title insurance policy for your protection. If you are refinancing your current home then the lender will only require the lender's policy. In both instances the title insurance policies will be issued at the time of closing.
A Lender will require a Lenders Title Insurance policy if they are extending credit on a property. The Lenders title insurance policy is based off of the Loan amount that the borrower receives. It will only protect the lenders interest in the property if a problem arises on title.
Typically an Owners Title Insurance Policy does not cover matters that would be disclosed by an accurate survey, such as land shortage issues. This is referred to as one of the standard or general exceptions in a title policy. In some instances you can negotiate this coverage which is called extended coverage if you are willing to sign an extended coverage affidavit.
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.
Title insurance is a specialized type of insurance that is not generally sold by insurance agents. It is usually provided by an attorney and underwritten by a title insurance company who specializes in this type of insurance. The title insurance company relies on statements and work done by the attorney when he does the title search and he has some liability for his work. You can't just decide that you want a title insurance policy anytime. It is usually done when you purchase a piece of property. I suppose that if you wanted to pay for a new title search you may be able to buy a policy at a time other than at closing.
Title insurance is usually required by the lender to protect the lender against loss resulting from claims by others against your new home. In some states, attorneys offer title insurance as part of their services in examining title and providing a title opinion. The attorney's fee may include the title insurance premium. In other states, a title insurance company or title agent directly provides the title insurance. A Lender's Title Insurance policy is usually required when you are refinancing. If you have an Owner's Title policy already (you probably received it with your recorded deed) and can provide the title agent with a copy of it, you can very often get a reissue credit that will greatly reduce the amount of money this lenders title insurance policy will cost you. To save money on title insurance, compare rates among various title insurance companies. Ask what services and limitations on coverage are provided under each policy. In many states, title insurance premium rates are established by the state and may not be negotiable. Even if the premium rates are not negotiable, many of the title-related fees can vary from company to company and should be compared as well.
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.
As long as you have the title that he signed off of it and you signed on and you have insurance on the vehicle it will be covered.
In most cases the title company that closed your loan is the agent for the title insurance company, and can be contacted regarding insurance issued on your property.AnswerContact the Agency that issued the title insurance at time of closing. If an Owner's Policy was paid for, they should have issued you an actual insurance policy, complete with a Title Jacket and Policy Number. If you never received this and paid for one, request an original or a certified copy of it. The Policy will reference the title UNDERWRITING COMPANY that is insuring the Policy. ie: First American, Stewart, Chicago,etc. That is who the actual COMPANY. The agency only acts in behalf of the Underwriter and is not the actual insurer.
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.