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Title Insurance
Title insurance is a form of indemnity insurance protecting the insured from loss due to invalid liens or from any title defect in real property. Title insurance can cover any interest in real property including life estate, lease or easement.
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Title insurance protects you against hidden problems with the ownership of the property, i.e. if the seller doesn't have full rights to sell. It insures that there are no liens or mortgages left unsatisfied on the property. When a buyer purchases a property, title insurance protects them from any claims of ownership, lien, or mortgage placed on the property before the buyer takes title to the property. If the information upon which the title insurance is based is incorrect, and a claim is asserted against your ownership of the home, then the policy indemnifies or protects you from experiencing a financial loss directly attributable to a claim that is covered by the policy.
How important is buyers title insurance?
Since title insurance is underwritten "at the table" by the agency, it is the least likely type of insurance to receive a claim.
The new owner is protected against previous mortgages, owners, judgments, etc. that are of public record prior to the purchase of the property.
The low one-time fee over the lifetime of ownership is well worth the investment for peace of mind, since real estate is usually the largest single investment a person makes in their lifetime. Plus, in most states, there is a reduced rate at the time of purchase for simultaneously issuing both the Owner's Policy and the Mortgage Policy.
More input from Wiki s contributors:
- After owning my $273K house for less than 2 years, I received a sheriff sale for $417K because of the previous owners business that went bust. The judgment was filed 8 monthes before my closing, and they missed it. Even with the insurance, I could have lost my house had the bank pursued the full amount (our house is worth more than $273K).
How do you obtain a license to sell title insurance in Georgia?
== == Applications and general information for individual producers and agencies (resident and non-resident) can be found at the GA site: inscomm.state.ga.us
Is the buyer or seller responsible for title insurance?
Here in California, it is a matter of local custom. In Southern California, typically the seller agrees to purchase the owners policy for the buyer, the buyer supplies the title insurance for the lender. In Northern California, the buyer typically pays for both policies. It is, however, a matter that is covered in the contract between the seller and buyer and is negotiable, as is everything else. All closing costs can be negotiated as part of the sales contract. Who pays for title insurance varies from state to state based on local custom, but can be negotiated between the buyer and seller as part of the sales contract. There are no laws providing for either party to be required to pay. In the case where the seller has elected to pay title expenses, the buyer needs to make sure that the Lender has approved those fees to be paid by the seller. Some types of mortgages require that the buyer/borrower have a certain amount of funds available for the closing fees and may "cap" what fees can or cannot be paid by the seller in behalf of the buyer.
Can you get title insurance for a co-op?
Typically the only type of title insurance that can be issued on a Co-Op would be a Lease-hold Mortgage Policy that covers the Lender for a Mortgage.
Because the interest in the property is held as shares, an Owner's Policy would not be issued.
However, if purchasing a Co-Op, it would be advisable to have a Report on Title or Title Search done on the property, Co-Op association, etc.
No title insurance is not available on COOP's due to it not being real property, it is considered 'shares' in the coop. Typically though lenders have stricter regulations to clear coops to closing. The UCC (uniform commerical code) would be pulled on the property and all parties involved(sellers and buyers). For example the UCC would be order on any downstate New York COOP properties, the lender then would review for any lien on the property or judgments against borrowers or the sellers. Any adverse judgments then would delay closing until resolved. In the case of New York, if a property is in questions NYC.gov is a good start, you can search all judgments against a property.
Beware, beware, beware. I have personally experienced fraud in the name of Title Insurance for a co-op. A company was promising that they had a waiting buyer, and all the seller had to do was to pay for the title search in advance. Unfortunately, these sellers were so enthralled with the idea of selling, that they actually wire money in advance to this company, and that was the end of their money, contact, and the sale. I've seen it happened to well-educated attorneys as well as countless well-meaning men and woman. If I can express one thing emphatically, its never to pay any closing or title related fee up front. Also remember things have to feel right when they are truly easy.
"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.
Do you have to pay for title insurance again when refinancing?
Yes. You have to buy a lender's title policy for the new lender. Your owner's title policy is good for as long you own the home. If you have an owner's policy, you can very often get a "reissue credit" on any future lenders title policies that you may be required to buy when you refinance.
The Mortgage Policy is only good for the life of the loan. If the current loan is paid off, the policy is no longer needed on the CURRENT loan being paid off.
However, the new lender will require a Mortgage Policy on the new loan.
The ONLY time you may not be required to get new title insurance would be if the current mortgage loan was re-written by the lender, changing terms, interest rates but not the loan amount.
Don't confuse this with a Streamline loan offered by your current lender offering a new interest rate on a new loan, but with low cost closing fees.
What do you need to sell title insurance in NJ?
In order to sell title insurance in NJ, you must hold a NJ title insurance producer's license. Pre-licensing courses are available throughout out the State. Once you have completed the course, passed the school and state tests, the state of NJ requires 48 hours of CE during the 4 year licensing period. In addition to enabling a person to sell title, the license also provides for any person "effecting" title which includes examination/underwriting, sales and conducting title closings. Attorneys closing for a title agency must hold a Producer's license. "Notaries only" are not allowed to conduct closings for title agencies. Notaries must also be licensed producers.
You should consult an attorney, but it sounds like the title company was negligent. You should demand they compensate you for it and if they don't, take them to small claims court (or higher level court depending on the amount allowed in your jurisdiction).
A CEMA mortgage is a very specific mortgage document. Was the original mortgage a CEMA mortgage and do you have an Owner's Policy issued by the title agency for that transaction?
I am assuming you used an attorney for your closing, so consult that attorney as to what can be done, since you PAID that attorney for legal advise in the transaction.
If the title agency collected a recording fee and did not use it to record a document (ANY document) that is a RESPA violation which can have very serious consequences for the title agency.
I would go to their UNDERWRITER with the complaint and see what happens from there. Typically the Underwriter will consult with their Agents so that claims are not filed. They may be able to compel them to perform accordingly.
If you had an Owner's Policy issued in the transaction, I'd immediately file a claim. If this was on a refinance transaction, you need to make sure that a CEMA mortgage was used by the lender.
In either case, you are entitled to remedy of the situation.
NJ Dept. of Banking & Insurance
http://www.state.nj.us/dobi/inslic.htm
There's a link for Approved Insurance Education Providers (MS Excel, 68K) to download an .xls file for the NJOBI list of approved schools.
Online Title Pre-License ClassesCAPE Education (www.capeschool.com)State Provider # 17050
PO Box 377
Newtown Square, PA 19073
(888)227-3331
Some schools in Northern N.J.
American School of Business (www.americanschoolnj.com)
194 Route 46 East, 2nd Floor, Fairfield, NJ. 973-244-0333
Bergen Community College (www.bergen.edu)
400 Paramus Road, Paramus, NJ. 201-447-7100
Kovats (www.kovatsschool.com)
230 West Passaic St, Maywood, NJ. 201-843-7277
Professional School of Business (www.proschool.com)
22 E. Willow St, Millburn, NJ. 973-564-8686
Freehold Atlantic School in Monmouth and Middlesex counties
I can't locate any of the schools above. I've checked for phone numbers and website.
Q:Would you provide the exact names and also include any schools for NJ Title Producer License in South Jersey.
A: Your best bet for finding schools in southern NJ is to go directly to the NJDOBI website above or ask the company that you will be working for, what insurance licensing educator they recommend (ask them if they will provide the training to you - they usually send you to whichever school that they use at no monetary cost to you). Your state licensing, background check & fingerprinting related fees will be your responsibility though.
Searching for other states? Use "insurance producer" +
What are the documents involved in a Title insurance company?
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.
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 find which company provides the title insurance for a specific address?
Check with your state's Department of Insurance to find out where and what company you should use. There might be a few or several to choose from. In addition, if an agency is licensed to do business in your state, they can do business anywhere in the state and provide services to you. However, most title agencies work in specific counties since most states' property recording takes place at the county level. You will find agency office located in close proximity to the county court house in order to access the public records. Since it is 2007, many counties now have their records available online as well. If you don't have a personal reference for a particular company, you can check the phone book for listing, call your banker to see who they use, talk to a Realtor to see who they have used in the past, etc. in order to help you make your decision of which company to use. Your state DOBI (Department of Banking and Insurance) is prohibited from giving out referrals. At best, they might be able to provide you with a list of all registered title agencies in your state. Personally, I'd just google or BigYellow it
If you have a license to be a title insurance producer how can you get started?
There are many aspect of title insurance:
1. Sales
2. Processing
3. Examination/Reading
4. Searching/Abstracting
5. Closing/Settlement
6. Clearances and Conveyances
You need to decide what areas you are most qualified in based on education and practical experience. Design your resume and then go knock on title agency, real estate, mortgage and attorney doors. Simply obtaining a license, for any profession, doesn't mean you are automatically have the skills and knowledge required to do the job. You may want to find a mentor, take additional courses and network with other producers, etc. to gain experience and knowledge in order to become the "resident expert."
How do you get licensed to write title insurance in New York?
As of today, NY state does not require a state or local test to become licensed. The only requirement is filing forms with the state, and fingerprinting. The title buearu (Dept. of State) has said that they think licensing in NY will not be instituted until 2010 or later.
Does a title insurance company check for deed restrictions?
If the Deed Restrictions are recorded in the Public Records of the County in which the property is located, then they should show in the search done by the Title Insurance Agent/Company/Attorney. The title insurance agent will show them on the commitment as exceptions, referencing the Book and Page in which they are recorded. It is always in a buyer's best interest, however, if no Deed Restrictions or Homeowner's Association appear to have been recorded, to have the Title company doing the closing prepare an affidavit for the seller to sign stating that there are no known deed restricitons or homeowner's association in which mandatory dues must be paid.
How much is title insurance for the purchase of a home in Michigan?
Title insurance is typically only a few hundred dollars (maybe $500). With that being said, it is often wrapped up in the purchase price of the loan. This is especially true if the home is not a new-build. The seller will most often work with the sales price to work in your closing costs, like title. Keep in mind that your closing cost will range but be up around 10K or so, depending on financing. Get a good mortgage broker that you trust.
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.
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.
What must be done to become a title insurance agency company in Wisconsin?
In order to be authorized to do business in Wisconsin, the state has very specific requirements. They can be found at the Wisconsin Department of Insurance website.
See related link.
How do you start a title insurance company or a fee attorney company in Texas?
Title Insurance in Texas is highly regulated. To find the Rules and Regulations, you can access the Basic Manual of Texas Title Insurance at www.tlta.com/publications/basicmanual - You may also find more information at the Texas Department of Insurance website at www.tdi.state.tx.us (Select "Title" from the menu) It is much easier to become a "fee office" than a "title agent". A fee office is an attorney that has a fee agreement with an existing title company. For more information, contact the major title insurance underwriters in Texas. They can be found at the Texas Land Title Association (TLTA) website under Membership Directory-Underwriters.
Are title insurance costs necessary from a lender for refinancing?
Your lender may well require title insurance. It protects you too, and it's not usually too expensive in the scheme of things. Your lender will typically require a Mortgage Policy coverage for any loan that will be in a first lien position or a high dollar HELOC (Home Equity Line of Credit). Please note that the Mortgage (Lender's) Policy does NOT cover you. It covers the lender only, and only for the life of the mortgage. Once the mortgage is paid off, the coverage no longer exists. This is why it is necessary to obtain mortgage title coverage every time you refinance, because you are creating a new lender/new loan interest in the property. An Owner's Policy covers your interest. If you purchased the house, typically you simultaneously obtain an Owner's Policy and a Mortgage Policy, if a lender was involved. An Owner's Policy covers all events up to your date of purchase. It is in effect for as long as you own the property.
Unless there is some specific verbiage in the Sales contract or any documents you have signed, giving the right to the Title Company/Agent to keep a portion or all of the deposit,(and I'm assuming you mean Earnest Money for the purchase), then they have no rights to any monies whatsoever. You may be required to pay for the survey or pest inspeciton if they ordered it on your behalf..but even then if you didn't authorize the orders, you may not have to pay.
AnswerIf a deposit was put down consider it what it truly is - a deposit. Typically you will not be able to get this back . The title co. has put in manhours and paid whatever parties were involved to get the title work started. These parties could involve local muni's, tax authorities, courier fees, etc.... This is lost money and productivity for the title co., so depending on the title co.'s policy and the reason why they are no longer being used would probably dictate the refund. Normally in my experince if it not the fault of the buyer that the title co. is not being used they would refund the deposit. However, most reputiable title co.'s would not charge you for title insurance until the closing. Title co.'s are most often assigned either by a real estate agency, the lending bank, or mortgage broker. These title co.'s therefore want to keep this business relationship and would not risk upsetting the relationship between the real estate agent, lender, etc. by keeping the deposit, this could result in a loss of future /repeat business for all paries involved. Hope that helps. AnswerIf you contracted with a title agency to provide title services, gave a deposit to the title agency for their services and then cancelled the order, the answer is "Yes" they may be able to keep all or a portion of the deposit.It is illegal for a title agency to provide services for "Free" as it is construed as an "inducement" to do business and that violates RESPA laws.
All title agencies are required by law to bill out for their services and costs even if the transaction did not close.
Plus, a title agency has hard money costs upfront from when they start your order: search costs (county, local, state records), administrative costs for managing the file, etc. These are legitimate costs and at the very least, you should be willing to pay to cover their costs since you ordered the title with them.
I am sure you don't work for free, so why should a title agency just because you pulled the transaction from them for whatever reason.
You can ask for an invoice (if they have not already sent one to you) to see what actual charges they incurred by starting your title order. You may be surprised that it actually EXCEEDS what you gave them for a deposit. It is less than your deposit, you can request the difference back.
I never understood why people think that it is OK for a title agency to absorb the costs of cancelled orders. A borrower pays for their loan application and appraisal upfront before closing.
The status of the property's title is pretty high up on the list as an important piece of information and the loan could not close without the title commiment (title opinion, report on title, etc.) and at the very least, a Loan Policy.
AnswerWhile every title company or title agent wants to get paid for their work, it just not always the way it happens. Unless a person has actually contracted in writing with a title provider agreeing to pay their fees and hiring them specifically, the person who is legally responsible for paying for the title insurance can decide whom to hire for the title insurance and title services. The fact that someone you didn't specifically hire starts working on your title needs, does not mean that you have to pay them and they absolutely cannot touch the money you are holding in trust as a deposit.Realtors or mortgage brokers often take it upon themselves to pass the title work on to someone with whom they are associated. This is not considered "hiring a title company". If you are the person responsible for paying for the title insurance (buyer or seller - depending on your sales/purchase contract), and you did not pick the title company, you have a right to make the change to another title insurance agent if you want to without having to pay the first agent who began the work without you specifically hiring them to do so.
Unfortunately, it is generally considered "a cost of doing business" when a title agent loses a job to another agent because the consumer exercised their "choice" in picking the title company. The title company is not allowed to deduct their fees and expenses from the deposit. Often the second title company will offer the title company that started the work the courtesy of using the survey that they ordered or the estoppel letters that they ordered so that portion of their expense can be covered. However, the customer is not under an obligation to pay a company that they did not hire. For absolute clarification on this issue, feel free to call your state's Department of Insurance and they will be confirm beyond any doubt with regard to your responsibility to pay a title insurance company or agent that you didn't specifically hire.
west allis and Milwaukee have dentists that accept it---the Milwaukee children's hospital dental does and also west allis dental there are others just call around----
also here is a list of dentists.....
http://www.wda.org/media/02/192-reducedratedentalclinicsoct07.pdf
MDC Clinic in Brookfield accepts T19 and Marion Family Dental off of 76th and capitol in Milwaukee also accepts T19.
How do you start a title company in New York State?
To start an LLC in New York there are many options. One can either hire an attorney to file the necessary paperwork. There are also websites that specialize in making this process simple and inexpensive. Legal Zoom is an online company that can help form an LLC.
