Usually a lender will only request a basic Lender title insurance policy. While there is an enhanced lenders policy, the lender usually only requires a basic policy for there protection. The Loan policy is usually based on the dollar amount of your loan. This policy only protects the lender interest in the property if problems arise on title. Because the Lenders policy only protects the lender up to the loan amount that is taken, it is a good idea to look into getting an owners policy to protect the buyer of the property, this policy is based on the purchase price of the property, and will help protect the equity that is built over time.
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.
"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.
Not sure if Wisconsin requires any special type of insurance, however, most states do have a minimum required limit. Check with your state department of public safety. Also, many lenders won't use you unless you have $1,000,000.00 plus insurance, $1,000,000.00 plus professional liability (wrongful repo insurance). It is NOT a cheap business to get into.
In general terms, an underwriter is defined as a person who assesses risks to be covered by an insurance policy or a person (as an individual or company) who underwrites a security issue. In title insurance terms, the role of the Underwriter is: (a) The company insuring and issuing the title coverage ie: Chicago Title, Stewart Title, United General Title, First American, Attorneys Title Insurance Fund, etc. and; (b) The person with the local title agency who examines the title searches, county records, etc. in order to create a Title Binder or Title Commitment (intent to insure) for the property. Title insurance is the only type of insurance that is typically "underwritten" at the local level by the title agency. Most other types of insurance providers gather information about a car, person or property and then sends that information to a central office for processing and underwriting. An underwriter can also apply to financial industry as in the bank's underwriter or a securities underwriter.
If there is any type of structure on the land it will require insurance..but "raw land" does not require insurance. During to course of construction you will have to carry insurance on the property in case of fire or other hazards. Most lenders want the coverage to be equal to the amount of the loan balance.
type /title and select the title you want. Then type /title (number of title you want).
The title insurane company searches the title to your property and clears title. They prepare the title commitment, order payoffs, type your settlement statement and fund your loan. They also prepare your deed to be signed at close and record it. Both buyers and sellers must sign their Settlement Statement at the closing. Sellers must sign documents conveying title. Additional documents needed from you can differ depending on you situation. Certain documents become necessary based on marital status, poa, mortgage satisfactions, bank papers from various lenders, judgments and municipal liens.
"The type of insurance plans Harleysville insurance have are car and home insurances.
You create a business entity, filing with the Secretary of State's Office, which cost may vary depending on the type of entity you wish. If you strictly wish to sell title insurance, then you fill out a license application with the Department of Insurance, attend their mandatory training (contact the Indiana Department of Insurance for more info) and pay the required fees. Additional Requirements for title insurance companies may be found under Indiana Code 27-7-3 (Type into Google to find it.), including new laws that were passed in 2008. Most of that section applies to companies wanting to write insurance, but I would read it just the same.
The more appropriate term is title examination.A title examination is a comprehensive examination of the public land records to determine the ownership of a property, whether there are any outstanding liens or encumbrances on the property, whether any other entity has rights in the property, and to discover whether there are any issues or defects that need to be resolved prior to the purchase of a property. In order for a person to sell their property they must be able to transfer "marketable title" to a property. Marketable title is free from encumbrances that would cause a reasonable purchaser to not purchase the property. When you purchase a home, a title company or attorney's office will hire a professional to examine the record title to the property to determine whether any issues need to be resolved prior to transferring title. For example, in Massachusetts title examiners are required to research back in the public records for a period of 50 years to look for liens, easements, and problems with the title. Other states have similar requirements.But what if something that was not apparent in a title examination at the time of the purchase surfaces after someone purchases a property? These latent defects in title cost people time, money and potentially the right to use and occupy their home. Title insurance insures exactly this situation.There are two types of title insurance. First, there is lender's title insurance. Lender's title insurance protects the lender's right to title (i.e. a mortgagor's right to first lien position on the property) and is required for most mortgages and loans encumbering real property. As it is protecting a loan the premium amount is based upon the amount of the loan. This type of insurance only protects the lender's interest in the property NOT the homeowner's. If there is a defect in title that is uncovered after a homeowner purchases a home, the lender's policy will not protect their interests.The second type of title insurance is Owner's Title Insurance. This is a policy of title insurance that protects the homeowner's interest in the property. The premium amount is based upon the purchase price of the home. It is a one time fee that protects the homeowner for as long as they own the property. If a problem arises, the title insurance company will pay to defend your right to title or to fix the problem. If the problem cannot be fixed, the title insurance company will pay any monetary losses incurred by the homeowner.Common title problems are: mistakes in registry records or improperly indexed documents, errors on deeds commonly in the parties or descriptions, improperly or un-discharged mortgages, and undisclosed heirs. These problems are real and do occur fairly often.As with any type of insurance there are exceptions to coverage. You should check with a title insurance agent before purchasing a policy and, as always, if you are purchasing real estate you should consult with a real estate attorney prior to putting in an offer.
Kurt himself requested LILIES !!