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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.
What else can I help you with?
Can a person not on title get homeowners insurance?
Yeah, but you need to make sure you insure for all owner parties and document each insured persons interest in the home. If the home is part of an estate or a probate process, the executor can also buy the policy.
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.
What is owner's policy title insurance?
An owners policy refers to a title insurance policy issued to the property owner not the lender. It provides protection to the owner of the property and is normally purchased at the time you settle on the purchase transaction. If the prior owner purchased an owners policy on the property prior to the new sale a discount called reissue rate may be applied if you can provide the prior policy information. The discount can be significant.
What to do if title company goes out of business?
If a title company goes out of business, first check for any remaining assets or claims with the state’s insurance department, as they may provide coverage through a title insurance policy. Contact your real estate agent or attorney for guidance on next steps, including how to secure your title insurance or resolve any transaction issues. Additionally, gather all documentation related to your title insurance policy and any transactions to aid in the claims process.
A title company closed an escrow without issuing Title Insurance Is there a specific form a buyer needs to fill out so he knows he was not getting Title Insurance?
Yes, when a title company closes an escrow without issuing Title Insurance, they typically require the buyer to sign a specific disclosure form, often referred to as a "Title Insurance Waiver" or "Title Policy Disclosure." This form informs the buyer that they are not receiving title insurance and outlines the implications of that decision. It's important for buyers to read and understand this document before proceeding with the transaction to ensure they are aware of the risks involved. Always consult with a real estate attorney or professional for guidance in such situations.
If you purchased property and the survey was incorrect by 25 acres what does the title insurance do?
The title insurance company is liable for the legal description that was insured at market value/amount of your policy
Can i have a car and title under my name and be added to my fiance's insurance policy without the car legally becoming his?
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.
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/
What is the difference between standard title insurance and advantage title insurance for home buyers?
"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.
What part of the title insurance policy that sets forth all of the encumbrances and defects that will not be insured against is called?
The part of the title insurance policy that outlines all encumbrances and defects that will not be insured against is called the "exceptions" section. This section details specific issues, such as liens, easements, or other claims, that the insurer will exclude from coverage. Understanding these exceptions is crucial for policyholders to know what risks they may still face despite having title insurance.
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
What can happen in case of an accident if a car was insured without title?
title has no effect. insurance takes precedent.
Is it possible to have a car title in your name but have it insured under your parents policy?
Yes.
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 a uninsured car be driven by a insured driver?
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.
Can a person get insurance on a car someone else is financing for them?
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.
How do you make a claim on title insurance issued?
Contact the claims department of the title insurance underwriter that issued your policy.
