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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.

495 Questions

What information do you need to do a title search?

A title search can be started from the smallest clue, although the more information you have, the quicker and more accurate it may be.

You can find out almost anything if you start with the parcel's:

  • Current or former deed
  • One or more names of current or former owners
  • Tax identification number (or map and lot number)
  • Probate, family or bankruptcy court records
  • Description of the physical location
  • Atlas or survey references
  • Street address

What is the purpose of a title search?

To determine the owner of the property, the liens on the property and the judgments against the owners that may attach to the property. It is done to assure the buyer and/or the lender that the title is clear and marketable.

Goldwater's speech is very critical of mistakes made by the previous presidential administration of?

Nixon and FordEliminate Reactivate

B)Truman and BarkleyEliminate Reactivate

C)Kennedy and JohnsonEliminate Reactivate

D)Eisenhower and Nixon

How much does a title insurance producer make a year?

Title Insurance Producer - somebody who sells the Title Insurance.

$$$ per year - depends on the market and quantity of contacts, whom they getting business from - mortgage/loan officers, real estate lawyers and etc.

It can be from 20K to 500K or even higher.

The title company failed to record the new deed after property was sold and now previous owners have a judgment against them for injuries that occurred on the property. Can title company be sued?

Yes, depending on the details. You should consult with an attorney in your area who specializes in real estate law. The attorney can review the situation, the title to the property and explain your options.

Who is the largest title insurance company in the US?

As of 2011 the largest title insurance company by premium volume in the United States is First American Title Insurance Company.

New title insurance if you refinance with the same bank?

Yes you will normally be required by your bank or lender to acquire a new lenders title insurance policy when you refinance even if it is with the same bank or lender you previously used. The reason is title insurance is good for claims or defects in title existing prior to or at the time of your settlement. A new policy is required to cover any new risks that may exist as a result of something after your previous settlement to bring the title insurance coverage to date and current with your new transaction. The good news is you can ask for a reissue rate on your policy and save significantly if your last settlement occurred less than 10 years ago and you have the paperwork for the previous insurance policy or can obtain it. Some companies will still offer reissue rates without the prior policy paperwork so make sure you ask for a reissue rate and encourage your title agent to go easy of you with fees if you are a repeat customer.

Why should you have title insurance?

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.

What does misrepresentation mean in regards to insurance?

If you leave out facts or make false statements (lie) on the application (or claim) for insurance it is considered a misrepresentation of your true situation for the purpose of getting the money.

Where do you purchase title insurance?

When purchasing or refinancing a home, you will have settlement conducted by a Title Company, the title company is also the licensed title insurance provider. Up to two policies will be issued.

Maryland Specific:

If you are purchasing a property and taking out a loan, the lender will require a Lenders Title Insurance Policy. And you will have the option of purchasing an owners title insurance policy for your protection.

If you are refinancing your current home then the lender will only require the lender's policy.

In both instances the title insurance policies will be issued at the time of closing.

How does a judgment lien affect a title search and can you get tiltle insurance if you have a judgment lien against you?

A judgment creates a cloud on the title. Any buyer, lender or title insurance company would require that the lien be paid before they will complete any transaction with you relating to your property.

How can your company start using a teleconference?

Your company can start using teleconference by contacting your local satellite, cable, or phone company to set up the multiple phone lines. It's a modest cost and can save companies money by limiting travel.

What companies offer home owner insurance?

Homeowners insurance is offered by several large insurance companies. They include MetLife, State Farm, and Travellers Insurance. There are several others available as well.

What year did the ovenex company start?

Ovenex, a company known for its innovative kitchen appliances, was founded in 1992. Since its inception, it has focused on providing high-quality products designed to enhance cooking efficiency and convenience. The brand has evolved over the years, expanding its product line to meet changing consumer needs.

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.

Who chooses the title insurance company?

Typically, the purchaser of the property is free to choose the title insurance company. This can be the same one that the seller had, or a different one.

There may be a difference in related costs depending upon which option is chosen. This is because the existing insurer may deem it unnecessary to conduct an entirely new title search; instead, it may just opt for an updated one from the time it issued the existing policy.

Do you need title ins if you sell home for cash?

Title insurance is issued to the benefit of the buyer (new owner under an Owner's Policy) or lender (Loan/Mortgage Policy).

As the Seller of the property, you need to be able to sell your property "free and clear" of liens, judgments and mortgages. The Seller, in many areas, is responsible for payment of the Owner's Policy, in other areas, it is a Buyer cost - and is always negotiable as to who pays for the property searches and/or final Owner's Policy.

Most prudent buyers would not purchase a property without knowing whether or not that property is free and clear of liens. It is also up to the Buyer, even in a cash transaction, as to whether or not they want to have an Owner's Policy issued that insures them against the history of the property as to possible defects or conditions of title.

So, if you are the Seller, the question should be directed to your Buyer. If they want a title search and title insurance, and it is written into your sales contract that you, as Seller pays for their Owner's policy then you are obligated to perform as per your sales contract.

In the matter of a Lender being involved in a purchase or refinance transaction, they will always require a Lender's/Mortgage policy to cover their mortgage interest in the property.

What is the name of the document that shows that you have no liens on your condo property and how do you get this without a Title Company?

The document is called a Certificate of Title. A Certificate of Title is issued by an attorney or title company after a title examination has been completed by a professional. It is used by a Title Insurance Company to write a title policy. Lenders require a Certificate of Title to lend money on the property. Generally, a Certificate of Title is backed up by an attorney's, or a title company's, malpractice insurance. You cannot get that for free.

Depending on why you need the title checked, you could hire someone to examine the title for you or you could visit the land records office and do your own research. However, the title status report will not be acceptable for any official purposes.

The document is called a Certificate of Title. A Certificate of Title is issued by an attorney or title company after a title examination has been completed by a professional. It is used by a Title Insurance Company to write a title policy. Lenders require a Certificate of Title to lend money on the property. Generally, a Certificate of Title is backed up by an attorney's, or a title company's, malpractice insurance. You cannot get that for free.

Depending on why you need the title checked, you could hire someone to examine the title for you or you could visit the land records office and do your own research. However, the title status report will not be acceptable for any official purposes.

The document is called a Certificate of Title. A Certificate of Title is issued by an attorney or title company after a title examination has been completed by a professional. It is used by a Title Insurance Company to write a title policy. Lenders require a Certificate of Title to lend money on the property. Generally, a Certificate of Title is backed up by an attorney's, or a title company's, malpractice insurance. You cannot get that for free.

Depending on why you need the title checked, you could hire someone to examine the title for you or you could visit the land records office and do your own research. However, the title status report will not be acceptable for any official purposes.

The document is called a Certificate of Title. A Certificate of Title is issued by an attorney or title company after a title examination has been completed by a professional. It is used by a Title Insurance Company to write a title policy. Lenders require a Certificate of Title to lend money on the property. Generally, a Certificate of Title is backed up by an attorney's, or a title company's, malpractice insurance. You cannot get that for free.

Depending on why you need the title checked, you could hire someone to examine the title for you or you could visit the land records office and do your own research. However, the title status report will not be acceptable for any official purposes.