Where can you find information on the Louisiana Title Insurance exam?
Louisiana Commissioner of Insurance's Website & Prometic & Sircon
What is exhibit A in a title commitment?
Exhibit "A" in a title commitment is referring to the legal description of the property. It is also sometimes referred to as Schedule "A".
How do life insurance settlements work?
Life settlements involve the sale of an in-force life insurance contract, by the contract owner, to a third party. Generally, the seller of the policy receives the policy's cash value, plus an additional amount determined by an appraisal-termed the "current market value." In consideration of the monies paid to the policy owner, the third party is: named the policy owner and beneficiary, continues to pay all premiums as they come due, and will receive the policy proceeds upon the death of the person insured under the policy. All types of life insurance, term, universal or whole life, can have market value much like real estate or equities. And, given the right circumstances, a life settlement can make a lot more sense than allowing an in-force life contract to lapse.
What should I know about title insurance in Florida?
In Florida, the person who pays for the title insurance gets to pick the title company or title agent. The person paying (buyer or seller) for the owners title insurance policy is specified in your real estate sales/purchase contract. Tradition as to who normally pays for the owners title insurance policy varies according to the county that the property is located, but can always be negotiated between the parties in the contract. In the case of a refinance, you should know that you probably have an existing owners title insurance policy from when you bought your property and you can give a copy of the owners title policy to whoever is handling the title insurance for your refinance so that you will be entitled to a reissue credit. This can save you a significant amount of money. Probably the most important thing to remember is that whoever is paying for the owner's title insurance policy gets to pick the title company. Almost equally important is understanding that you should compare companies so that you can make sure you are getting the best price for title insurance and title-related fees, as well as the best service from a reputable company. Remember not to let someone else (like a realtor or mortgage broker) pick a service that you will be paying for unless you have personally compared their price and service with that of other companies. It is illegal to for a realtor to steer you in the direction of a particular company, and you should be aware that sometimes unethical relationships exist.
Laws vary widely state to state. In UT, for example, you can record a "Declaration of Homestead" and $20,000 of your equity will be protected ($40,000 if you are married). Something like 29 states have homestead laws.
Can title insurance be purchased after the closing?
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.
How do you take your ex spouse off title insurance?
An Owner's Policy only covers the actual owner of the property. When the property is awarded to a party in divorce proceedings, that person remains "in title" (still on the deed) and the original Owner's Policy is still in effect covering that person since they were on the original deed as well when the property was obtained.
The non-titled (person who was not awarded a continuing interest in the property by the divorce decree) automatically falls off the title policy since their interest is transferred off by the divorce proceedings and they no longer own the property.
If you are looking to take the ex-spouse off an existing deed as the result of divorce proceedings, contact your real estate attorney and s/he can prepare the proper deed vesting the interest solely into the awarded spouse with the proper legal language referencing the divorce decree.
What is the role of a title company in home purchase?
They study the paper history and public records to give you an insurance policy that you actually own the property. They cannot prove that someone's long lost brother-in-law doesn't have a claim, but they can do enough research to be willing to cover your loss if the guy turns up after you've purchased the property (or the guy who installed the fence or built the garage and claims he never got paid, etc.). Read the fine print in the title policy you have now, or any title policy. If you don't understand it, ask your real estate agent to explain it to you. If they can't, you might start shopping for a new agent.
What is the cost of title insurance on a 100000 sale?
== == Title insurance cost differ from state to state, and the full question to be evaluated should be, what is the title insurance and title-related closing costs on a sale. Shop for your title company, compare the title insurance rate and fees. Find out every item they plan to charge you for, and compare them to several title companies. Be sure to do at the beginning of the transaction and don't let your realtor or broker pick the title insurance company for you. Its your choice, not theirs. Be sure to to remember that you may be entitled to certain credits depending on when you intially purchased the property, and even more of when you are refinancing. Don't forget to take control of your own transaction and compare title companies if you are refinancing too! There is usually a cost to both the seller and the buyer, and it varies from title company to title company. You have to have it. Occasionally, if the title search was done by the title company for the previous transaction, there may be a price break.
What is the different between pmi and title insurance?
PMI and Title insurance are very different. PMI is mortgage insurance for a deposit below 20% on the banking instrument (loan), which is why 80/20 financing eliminates PMI. On the other hand title insurance covers the ownership of the property, if a long lost distant relative with possible claim to the home through the previous homeowner shows up to claim the property, title insurance takes care of this.
In Illinois do you need to have title insurance when you sell your home or is an abstract enough?
== == Title insurance is coverage for the buyer and the lender. Typically they want proof that your property is free and clear of possible clouds or problems on title. In Illinois, typically the seller pays for the policy because the burden of proof falls to the seller that the property is without incident. However, this is negotiable in your sales contract that you can ask the buyer to pay for their own title insurance policies. Illinois title typically covers back title for 20 years on a purchase, sometimes longer. If you have an abstract only, that indicates that you do not have an Owner's Policy in effect that covered your interests when you acquired the property. An abstract (search) is only the history of the property. It is not insurance covering the interests of the new owner and the new lender. That is why in modern days, all lenders require a Mortgage Policy and most buyers will want an Owner (Fee) Policy covering their interests.
Where can you get title insurance quotes for your specific state?
You can get title insurance quotes from by doing a search on google or other search engines for title insurance followed by the name or initials of your specific state (ex: title insurance florida), and visiting one of the websites that offer title insurance quotes. There are some companies that will give you multiple title insurance quotes from more than one company by filling out just one form, and there are other companies that offer you one quote from their company. It is a good idea to shop around for title insurance companies and this is a great way to find and compare title companies and title insurance costs. Your state insurance department is your best resource for insurance-related questions and concerns. Find information on insurance companies and agents, rate quotes and comparisons, insurance buying tips, claims filing information and much more.
Hi - this is some basic math $50,000.00 insurance policy at a rate of $30.00 per thousand # 50,000 divided by 1000 = 50 # 50 x $30.00 = $1500.00 premium charge
An abstract of title is an epitome of the evidences of ownership in law.
How do you start a title insurance company in Arkansas?
If you are starting a title insurance COMPANY, the actual entity that is an insurance carrier (think 1st American, Chicago, etc.), you will need to contact the Arkansas Department of Insurance as to what their guidelines, reserves, etc. are for becoming a carrier in the state of Arkansas.
If you are starting a title insurance AGENCY, the local entity that has a agency agreement with a title insurance COMPANY to sell their insurance products.
Please note that a title AGENCY is not the same as a title COMPANY or title UNDERWRITING COMPANY.
See the Related Links for more information.
Are title companies required to provide copies of documents?
They should provide copies at signing of everything you signed, and of reports that they ordered on your behalf, such as the termite report.
What happens if the property Title Insurance Co goes out of business?
A Title Company (the actual insurancer as in First American, Chicago, etc.) is regulated by a state's Department of Insurance. If the company dissolved, then they would have to follow the state's guidelines for closing. This is why a title company has to prove so much in reserves, liquidity, etc. to a state to even do business in a state. Typically, title companies are sold or bought out before they would ever go out of business. A Title Agency (the local agent who has an agency agreement with a title Company) must keep separate accounts for escrows/trust accounts. Ideally, if an agency closed its doors, all accounts would be reconciled and it could shut down with all Policies issued. If an agency shuts down and does not have the above issued addressed at the time of closing, the title company will complete the same, issue the Policies, etc. of the Agent/Agency or they may assign the same to another one of their Agents to be completed. Since ultimately it is the title company that is responsible for the issuance of the insurance, it is their responsibility to make sure that all policies sold by the agent are properly issued.
Supposing you are talking about life insurance, a family is generally dependent fot its food, clothing and shelter on the income brough in at regular intervals by the bread winner of the family. So long as he lives and the income is received steadily, that family is secure' but should death suddenly intervene the family may be left in very difficult situation and sometimes, in stark poverty. Uncertainty of death is inherent in human life. It is this uncertainty, that is risk, which gives rise to the necessity for some form of protection against the financial loss arising from death. Insurance substitutes this uncertainty by certainty.
What is the cost of title insurance in the state of Missouri?
It depends on the purchase price of the home, and if you are refinancing, the loan amount.
Will title insurance transfer with inherited property?
Yes, anyone who takes title by operation of law, inheritance for example, is an insured under the title policy No. Title insurance is non-transferrable. The coverage is only for the life of a loan (Mortgage Policy) or from conveyance to a new owner from the current owner (Owner Policy). Even if the property you inherited had been "in the family" for years, it is still wise to have a property search done on the property to make sure it is free of liens and possible claims. Once you know the true status of it, you can make the decision to purchase an Owner's Policy to insure your interests against prior owners. If you are not keeping the property, intending to sell it, you'd want to know the status of the title so you didn't have surprises later on at the closing table. The fact that you are inheriting the property does not guaranty clear title.
How does title insurance protect a homeowner?
It insures that you have a clean title and 100% interest to the real estate you purchase. (besides your lender) Without it, you could one day be presented with a lien on the home that the previous owner is responsible for, an ex-wife or child of a previous owner could have interest in the real estate due to unpaid child support or alimony, the IRS could end up with interest in a home because the previous owner didnt pay all tax lines, etc.
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.
Do you need to purchase owners title insurance?
It is normally a condition of most real estate sales contracts, or the lender providing the funds.
What is needed to start a title insurance company in Michigan?
The ability to feel no remorse from stealing from your employees that work hard for you.