Title Insurance

The grantee in the deed is the owner of the property. If you are not mentioned in the deed you are not an owner.

You get a study guide from Thompson Prometric or Sircon, also they may be available at the PA Dept. of Insurance. It is called a home study course. They are fairly pricey, and good luck because the info is out dated!!!

A title insurance agency is the retail side of title insurance. The same way you would go to an independent agent for property insurance, life insurance, etc., you go to a title agency for title insurance. The title agency takes the application, processes the order, orders the county/municipal searches, conducts a title examination (or reading), and creates a Binder or Commitment to insure the mortgage and/or owner interest in the property. The title agency actually underwrites (makes decisions to insure) at the local level as opposed to simply taking the application and sending off to a parent office (Underwriter) to make the final decision to insure. A title AGENT may perform many different functions within an agency. a) Title Clerk/Processor(taking the application, processing the file, ordering searches, etc), b) Reader/Examiner (examining the county, municipal, city, etc. searches to determine conditions that must be met or excepted from coverage in order to issue a policy), c) Settlement/Escrow Officer (the actual notary who attends the closing, witnesses and acknowledges the documents being signed, and/or disburses funding for the loan), d) Policy Clerk (person who orders final run downs, and issues the final policy) e) Sales Agent (person selling title insurance services and products, As welll as managerial and administrative positions within the agency. This is a basic overview of a title agency/agent.

There are two general types of policies, or combinations: lender's insurance (which pays the lender to cover its loss in security interest) and owner's insurance (which pays the owner in case of defective title).

No it is not.

The same way that your homeowner's insurance is not recited into the deed either.

Title insurance is non-transferrable between owners.

Short answer: No. Long answer: The title policy covers "clouds" on the title. Meaning an illegal transfer, sale of a piece of property without consent of all owners, alternate claim to the title. etc. The title policy covers the title of the property from soveriegnty (when the U.S. obtained the property from whatever country) until now. If the lender was never paid and for some reason cannot collect from the original borrower, the outstanding mortgage would certainly be a cloud on the title. And if it was not paid due to an error by the title insurance company, any damages suffered by the lender, purchaser, or seller of the property should be covered by the company's "errors and omissions" commercial insurance. In most states, the Title Insurance UNDERWRITER, (not the agency), issues a Closing Protection Letter (CPL)insuring the acts of the title agency or attorney acting as Settlement Agent. The Settlement Agent is the party in the transaction that is receiving and disbursing funds for transaction, including receiving the bank funding for the borrower. The Settlement Agent could be a title agency or an attorney in most states. (CA and some other states use escrow agents in lieu of a Settlement Agent.) The settlement agent is typically responsible for paying off the seller's mortgage in a purchase transaction, unless otherwise stipulated and agreed to in the sales contract and approved by the title agency and the Underwriter insuring the Policies. If the settlement agent makes an error in paying off the seller's mortgage, whether it be a shortage, delayed payment incurring additional per diem interest or blantant negligence in paying off the mortgage timely, the OWNER'S POLICY AND the LENDER'S POLICY would cover those acts under the issuance of the CPL. The Lender's Policy insures that the new loan will be in 1st Lien Position. If the previous owner's mortgage has not been paid and satisfied of record, it is a claim. The Owner's Policy insures that the new owner has clean title against previous liens. Ditto on the above. If the old mortgage is not paid and discharged of record, it is a claim. The Agency's E&O (Errors and Ommissions Insurance) may or may not cover negligence to perform responsibly as the settlement agent, however, the Underwriter's issuance of the CPL DOES cover such negligence. Therefore, the answer is YES as long as the INSURED (Lender or new Owner) suffered real damages from the error. Can the Seller file a title claim for an error in payoff? They could, but since they are not the INSURED, it would probably end up as a lawsuit vs a title claim. A Seller Claim really depends on what actual DAMAGES they suffered. The written payoffs obtained by the Mortgage Holder are not guarenteed by the Mortgage Holder, as they usually have a disclaimer in the payoff stating the amount can change at any time, at will by the Mortgage Holder. If a written payoff was obtained, updated timely in relationship to the closing date and funds were sent based on the most recent written payoffs, the Settlement Agent has acted in good faith in transferring the funds using the most recent figures. However, if the Lender comes back after receiving the funds and says the payoff is short for any reason, it is still the responsibility of the SELLER to come up with the funds needed to satisfy the loan. The only exception to this would be that sending of funds was delayed by the Settlement Agent past the written "good through" payoff date or an updated payoff statement was not obtained by the Settlement Agent 24 hours prior to closing, resulting in a shortgage. If the mortgage was not paid at all, then yes, this would be a valid claim as the Seller suffered real damages and the Seller may be able to join in the same claim that would be filed by the Lender and the Owner.

To open an title agency in New Jersey you will need the following: 1. Title insurance producer's license (60 hr school course, state testing & finger-printing and background check +state licensing for 2 years + 24 hrs Continuing Education every licensing period) Approx cost = $1500.00 2. Entity license for the new agency - Registration fee/application fee Approx cost = $400.00 3. E&O Insurance (Errors and Ommissions)Policy of no less than $500,000.00 coverage (some Underwriters and Banks require $1,000,000.00) Cost based on no previous history as a title agent or producer with no claims Approx Cost = $1,200 - $3,500.00 4. Office = Market price for your area 5. Senior Title Examiner = $50,000.00 + Annually 6. General non-licensed office support = market price 7. Title Production Software ie: SnapClose.com $99.00 (Title Geek's software of choice) Other software systems $3000+ 8. Utilities including phones, high speed internet access - market price based on usage, # phones used, etc. 9. Office step up & equipment - market price based on initial office design 10. Title insurance Underwriter - no cost but takes several weeks to get approved, and YES, they will check your credit history 11. NJ Registration of your LLC or Corp Approx $250.00 12. Set up Banking - Operations Account, Trust Account, and Underwriter Premium Trust Account = Minimum $100 per account or whatever your bank requires 13. Website = market cost based on your needs and expectation for web usage and advertising Low end = $25 per month + 14. Hard copy marketing (flyers, brochures, etc.) = Approx $200 based on printing and designing yourself - outside service $200+ 15. Accountant = market price 16. In house Legal Counsel = market price 17. Sales Rep = Typical start of 25% net premium commission + expenses MUCH higher if Rep has an established book of business 18. Set up vendor accounts for county, municipal and superior court searchers = Typically no cost unless your credit history is poor and then you may need to put up an initial deposit 19. Licensed title closers (NOT just notaries) Typical "witness only" closing out of office = $100-$200 per closing Additional costs as needed: Title Office Manager $50K+ Annually, Jr. Title Examiner $35-40K+, Branch office licenses, etc. I have designed, set up and assisted many new start up agencies in New Jersey, my home state.

A title search may also be required to obtain a building permit

A NOTARY PUBLIC is a public officer who attests or certifies writings (as a deed or mortgage) to make them authentic and takes affidavits, depositions, and protests of negotiable paper. The state you reside can issue you a Notary Public commission. In some states, the County or Parish you live in issues a Notary Commission instead of it being state-issued.

A TITLE PRODUCER is a licensed title insurance producer who has completed a title insurance pre-licensing course (typically a 48-60 hour course) and has passed the school examination, a state examination and paid licensing fees to the State DOBI or DOI. In many states a Title Producer is also required to complete Continuing Education hours during each licensing period in order to maintain their license in addition to paying the renewal fees when they come due.

The terms are NOT interchangeable. Each is a separate and distinct designation or license.

However, can a notary be a licensed title producer and visa versa, yes, ONLY if they have complied with both of the above requirements.

In some states, ONLY a Title Producer who is also a Notary Public or an attorney may acknowledge/seal mortgage loans and deeds for a title agency.

In other states, a Notary Public can acknowlege/seal mortgage loans and deeds for a title agency without being a Title Producer.

In other states, only an Attorney can acknowledge/seal mortgage loans and deeds for a title agency, regardless of whether they are also a licensed title producer and notary public.

Additionally, in some states an Attorney is considered an "Officer of the Courts" and does not need to be an Notary Public in order to acknowledge Deeds, Mortgages, etc.

Title insurance is protection that ensures that you are the proper owner of the property and that if someone comes forward with a valid claim to a portion of your property, the title insurance company may have to pay that person the value of the claim. In buying real estate you have to make sure that the seller truly owns the property in full with no defects in title. The title insurance company reviews the land records to make sure of this. If the company states that the owner is the full owner, it backs its opinion with title insurance. Some title defects might not be covered though, but the lawyer helping the buyer will make sure that it is safe to buy the property.

You should contact the attorney who did the recording and the title insurance company and insist the situation be corrected.

The wording in the deed is no different just because the buyer did not want to pay for a title search and title insurance. The responsibility is with the buyer to know what he/she is getting when he buys the property. You can sue after the fact, but good luck if you don't take responsibility to have the property checked out.

this is a letter from a reputable appraiser giving their opion or apparsial of a specific property........good idea to have a couple of these on unique properties, such as show cars, antiques, jewelery etc......also good to have them insured for a 'state amount'..........

In order to become a Maryland title producer, one must first attend a Maryland certified pre-licensing course. The course is offered by several providers approved by the Maryland Insurance Administration. One of the providers is The Training Exchange.

Title insurance rates vary from state to state and market to market. In some states, the fees are set by the AGENT, and are market competitive -- they may be negotiated by the Agent. In other states, the rates and fees are regulated by that state's Department of Insurance and the fees may not be negotiated - higher or lower than the regulated fees. In both cases, the premium fees are calculated on a per $1000 rate. That rate is then based on whether the transaction is a "basic" rate, "re-issue" rate, "refinance" rate or "new construction" rate. Basic rate covers a policy issued on a Purchase transaction and usually calculated on the Purchase Price and the Mortgage Amount. Re-Issue rate covers a policy issued on a Purchase transaction and whether or not the Sellers can provide backtitle to the Buyers. The back title criteria is typically based on how old the Sellers' Owner's Policy is. (Usually a lower per $1000 rate than basic) Refinance rate covers a policy issued to the current owner on a Mortgage loan. Depending on the state, the previous mortgage amount may have a bearing on how the rate is calculated.(Usually a lower per $1000 rate than basic) New construction rates covers the builder during the construction of the property, before the construction is complete. (Usually a significantly lower rate than basic since the property is not a fully finished home/building during the time of coverage.) New construction rates do NOT cover a buyer purchasing a completed home from the builder, only the time the home is BEING constructed and covering the builder.

A seller carry back is, in essence, a second mortgage. However, it is payable to the seller of a house instead of the bank. Here's how it works: A buyer wants to purchase a house, but doesn't have the down payment that they need to qualify for the mortgage. So, a seller may offer to hold a note in the amount that they need. For instance, if you are selling your house for $100,000 and the buyer only qualifies for $85,000, you may hold a "carry back" for $15,000. The buyers will then make payments to you and the bank until they refinance and pay you off.

Contact the claims department of the title insurance underwriter that issued your policy.

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They would be different for different vehicles; call your local branch of the department of motor vehicles (that could be the county clerk) or what ever facility that actually issues titles and tags.

There are many steps in starting a title company regardless of the locale. The very first step is registering your name, getting authority to do business in the state by the secretary of state or similar agency that oversees the development of business entities. Then you need to get licensed by the agency in your state that regulates insurance companies/agencies so that you can sell title insurance in your state. Once you are licensed to conduct business in the state and also to sell title insurance in the state, you then go about starting your business. We operate one of the nation's largest independent title agencies, and we now have begun to advise others who wish to start their own title company. Our site is www.titlestartup.com. We make ourselves available to you every step of the way. There are many steps in starting a title company regardless of the locale. The very first step is registering your name, getting authority to do business in the state by the secretary of state or similar agency that oversees the development of business entities. Then you need to get licensed by the agency in your state that regulates insurance companies/agencies so that you can sell title insurance in your state. Once you are licensed to conduct business in the state and also to sell title insurance in the state, you then go about starting your business.

The insurance should be in the name of the grandparents with the grandson listed as the primary driver of that vehicle. If all parties live in the same state this should be easy if they don't, well then that complicates things somewhat. For instance I own a vehicle that my Father-in-law keeps at his place and he is the primary driver. The vehicle is insured on my policy and he is listed on my policy as the primary driver. Doing this way keeps the state happy and the insurance company has full disclosure of all drivers. I would also have the grandparents write a letter giving the grandson full permission to use the vehicle. This should keep the police from thinking the kid stole the car especially if the last names are different.

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