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What is the difference between a Title policy and a Title Commitment?
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/
How do you get short term title insurance?
Owner's Title Policy is good for as long as you own the property. Lender Title Policy is good for the life of the loan. Construction Title Policy is good during the construction period of the property through completion and typically only issued to the Builder during construction time. Therefore, if you bought a property, held it for 30 days and sold it, the Owner's Policy would insure you during that period and if there was a loan, the Loan Policy would insure the lender during that period. Since the life of the policy is good until the property is re-conveyed (new deed) or refinanced (new lender), YOU determine the length of term when changing one of the 2 conditions. If you are asking is there a discounted rate on title for holding a property for a short amount of time or flipping the property? The answer is "possibly". If the Seller has an Owner's Policy issued within the last 10 years from time of new sale, most states offer a re-issue rate vs basic rate ONLY if that Owner's Policy is provided to the title agency at the time the new title insurance is requested. NOTE: The reissue rate is availabe regardless of how long you keep the property, long or short term, as long as the prior Owner Policy is provided.
Does auto insurance policy have to be in the same name as on the title?
does the name on the insurance policy have to be the same as the title in anderson south carolina
Who can bring a claim on a real estate title policy?
The owner of the policy.
What is one unit policy?
One unit policy was the title of scheme that joined four provinces and ten princely states to form west Pakistan. And the order of unifying was passed by Iskandar Mirza in 1955.
What title policy insures title to the lender?
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.
How do you know policy status by name?
Policy status can be had by first name and/or by title,when you don't have policy number in question.
How can one get a copy of a lost title insurance policy?
You can ask the original title agency that issued the Policy for a duplicate or their Underwriter. They may or may not charge for the extra copy.
Can a title company force you to purchase title insurance?
A Title Insurance company cannot force you to purchase an Owner's Title Insurance Policy. However, if you are obtaining a Mortgage or using a Lender for a refinance,then the Lender will require that they are protected by a Lender's Title Insurance Policy, which the borrower will pay for. If you are purchasing a new property, it is usually suggested that you purchase an Owner's Policy at the same time the Lender is being issued a policy. All Title Insurance underwriters offer a Simultaneous Issue price when the Owner's Policy and Lender's Policy are issued at the same time. You may want to shop around, where the State you live in sets the premium for one Policy, the price for the Simultaneous issued policy may vary greatly from Title agent to Title agent. For cash purchases you are not required to purchase Title Insurance, but you will have a very hard time getting a Title Company to close the sale as the most income for Title Companies is the portion of the title insurance premium they get to retain. ("Title Agent" in this answer can be a Real Estate Attorney or Title Inurance Company) = Comment = A title agency may be willing to act as a 3rd party uninterested Settlement/Escrow agent in a cash transaction. It is not uncommon to use a title agency for this service vs an attorney (depending on your standard local practices in your state/county). The title agent will receive funds from the buyer and conduct the signing of documents, disburse all payoffs, pay taxes, etc. and send the documents in for recording. The title agency receives a fee for acting as the settlement agent, but does not guarentee the condition of the property title you are closing in this scenario. In lieu of an Owner's Policy for coverage, you may want at the very least, a Report on Title (Title Opinion in some states), whereas the title agency has done the standard searches on the property and presents it in Report form, without any insurance coverage. This allows the Buyer to know the true condition of the property's title prior to closing and if there have been past issues in deed/title, they may or may not elect to go with an Owner's Policy to protect their interests in the property they are buying. Lenders will always require a Loan Policy on a purchase or 1st lien refinance, and typically on a standard 2nd mortgage. Depending on the amount of a Home Equity Line of Credit (HELOC), they may or may not require coverage on this type of loan.
How could I get an insurance policy for a car with a rebuilt title in Florida?
no i don't think you can you can get a title for a total in florida
How to go about finding the company that holds your property title insurance?
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.
What is the plural of policy?
The plural form of policy is policies.
