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Title insurance can protect and insure the homeowner and mortgage lender. Typically their are two title insurance policies issued at the time of a sale. One for the owner and one for the mortgage lender. The owner does not legally have to buy the owners policy but lenders will require a lenders policy to protect their interest in the property. The reason you have title insurance is to insure against loss resulting from title defects, whether these defects are known or unknown at the time of the sale or the refinance. The coverage is provided for both "on record" and "off record" issues, defects or problems.
There is a long list of reasons for claims to be made. Misfiling, recording errors, procedural requirements, local requirements and many more. Please note title insurance does not cover future risks like most forms of insurance. Only risks existing at the time the policy was issued are covered.
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What is a title insurance producer?
Generally speaking, a title insurance producer is the same as a title insurance agent.
If you get a title comittment do you also need title insurance or does title comittment mean you get title insurance also?
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.
Can you provide an estimate for an Abstract of Title versus full Title Insurance for a 130000 dollar house in Florida?
An Abstract of Title in Florida could be as little as $200, depending on what the title company or agent was willing to charge, however this would not provide you with any title insurance, only a report what was found on a title search of the property. Meanwhile, if you wanted title insurance you should compare several title insurance companies because they will be charging for the title search, closing fees and probably several other fees in addition to the actual title insurance policy. The Florida promulgated rate for an owners title insurance policy is $725.00 for a $130,000 house. Please remember you will be comparing more than just the policy rate, which may have some applicable credits depending on your situation. You may qualify for a reissue credit if you are refinancing, and you should get several quotes on an "out the door" price when comparing title insurance.
What does the term title insurance mean?
The term title insurance means insurance that covers the loss of an interest in a property due to legal defects and that is required if the property is under mortgage. Most title insurance is lender's title insurance.
What is title insurance and do you need it when refinancing your home?
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.
If Property has a lien that was not found by title insurance company what are the owners options?
Generally speaking, if the owner purchased title insurance the lien should be paid by the title insurance company. If not and the lien was recorded and missed in the course of the title examination the attorney who certified the title to the buyer should be contacted. Her malpractice insurance should pay the lien.
Get you get full insurance coverage on a reconstructed title?
Yes you should be able to.
What is a title insurance producer?
Generally speaking, a title insurance producer is the same as a title insurance agent.
Who are the largest Title Insurance companies in the US?
First American Title Insurance Company Fidelity National Financial Stewart Title Insurance Guaranty Old Republic Title Insurance Company North American Title Insurance Company Chicago Title Insurance Company
If you get a title comittment do you also need title insurance or does title comittment mean you get title insurance also?
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.
Do title insurance companies employ title examiners?
Title examiners are typically employed by title insurance companies
Do you need title insurance if you have a warranty deed?
You need title insurance to protect your title, but the person who SOLD you the warranty deed should pay for the insurance and provide proof that he or she has obtained title insurance that will pay the costs they will incur if the title is defective.Otherwise, you're stuck with a worthless warranty deed and may be left trying to sue the seller who has no money to pay for anything, let alone restitution or other damages.
Can you provide an estimate for an Abstract of Title versus full Title Insurance for a 130000 dollar house in Florida?
An Abstract of Title in Florida could be as little as $200, depending on what the title company or agent was willing to charge, however this would not provide you with any title insurance, only a report what was found on a title search of the property. Meanwhile, if you wanted title insurance you should compare several title insurance companies because they will be charging for the title search, closing fees and probably several other fees in addition to the actual title insurance policy. The Florida promulgated rate for an owners title insurance policy is $725.00 for a $130,000 house. Please remember you will be comparing more than just the policy rate, which may have some applicable credits depending on your situation. You may qualify for a reissue credit if you are refinancing, and you should get several quotes on an "out the door" price when comparing title insurance.
What does the term title insurance mean?
The term title insurance means insurance that covers the loss of an interest in a property due to legal defects and that is required if the property is under mortgage. Most title insurance is lender's title insurance.
What is title insurance and do you need it when refinancing your home?
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.
How do you get a copy of title insurance if title company is out of business?
If your closing was done by a Title Agen, which is most likely the case, they had to have an underwriter. You can go online to your State's Insurance regulation website, enter the company you dealt with and that should show who their underwriter was. If the underwriter is not listed, call the state's Insurance Regulatory office and ask. The Underwiriter should be able to provide you with a copy of you Title Insurance Policy. Remember that if you paid cash for a property you were not required to purchase an Owner's Policy.
Should you buy Mortgage Title Insurance?
I think you are asking two different questions here. (1) Mortgage Insurance insures your life in order to pay off your mortgage if you die. (2) Title Insurance ensures that the company guarantees and will defend your title and deed to your house that it will stand a test in court if someone should ever challenge your ownership of the property. I do NOT recommend getting mortgage insurance. You could just as easily buy term life insurance for less money to do the same thing. I DO recommend getting title inusrance.
