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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
How do you become title insurance agent in California?
There's licensing classes online-one is personal lines and I forget the other, I think it is for life insurance. You can do it from home, but beware-most these jobs are commission only so you are better off sometimes cooking fries (JMO)
A claims representative or claims adjuster fits this description.
Does the title company represent the seller or the lender?
Neither. The title company represents itself.
A POLICY is issued for either a Loan/Mortgage Policy covering the Lender's interest in the property when a loan requires title insurance by the Lender.
An OWNER'S Policy is issued to the new buyer should they choose to take out an Owner's policy to cover prior owner's acts that could affect the property.
An Owner's Policy may also be used when a current owner makes substantial improvements to a property. For example, you inherited an empty lot from your parents, who inherited it from their parents.
2 years later you decide to build a house on it, using cash. The value of the lot originally was $1000.00 The new value of the property with improvements will be $125,000.00. Since title work was never since before your grandparents owned it, you decide to have the property searched and insured under an owner's policy since the value of the property is considerably higher than the original lot value.
Title companies INSURE property risks. Therefore they represent themselves as an insurance agent/company.
A buyer, seller, current owner can be respresented by themselves (pro se) or by legal counsel only. Title agencies and title companies, by law, cannot offer legal advise.
Can Title Insurance be negotiated?
If you live in a state that does not regulate the fees/premiums, then a title agency may be willing to negotiate the costs of the premiums. Or, they may be able to negotiate some of the fees, like searches/abstracts, copy fees, etc.
If you live in a regulated states, all fees or some fees may be overseen by that State's Department of Insurance and whatever are the state-regulated fees MUST be charged. It would be illegal to over-charge or under-charge the fees.
A Buyer and Seller can negotiate freely as to who pays what fees of the title insurance costs. In some states, tradionally a seller pays for the Owner's Policy and the Buyer pays for the loan policy covering their mortgage. In other states the seller pays for all fees and in others, the buyer pays.
However, there are no laws as to who pays for what, therefore, between the buyer and seller, it is always open to negotiation.
Do you get a copy of title insure from your homeowner insurance agent?
No, that will come from the title company that handles the closing.
What is the difference between basic and enhanced coverage for a title insurance policy?
There is quite a bit more of additional coverage when purchasing the enhanced title insurance policy over the basic policy. See Below (There could be State Specific guidelines in addition to the list below)
Basic Title Insurance Coverage:
- A third party claims interest in title
- Improperly executed document
- Pre-policy forgery, fraud or duress
- Defective recording of documents
- Undisclosed restrictive covenants
- A lien on your title because:
- a security deed
- judgment, tax, special assessment or
- a charge by a home owner's association
- Unmarketable title
Enhanced Coverage (covers all of the above and these additional Items)
- Mechanics' liens
- Forced removal of structure because:
- it encroaches onto another property or an easement
- it violates an existing zoning law*
- of violations of a restriction in Schedule B
- Land cannot be used for a Single Family Dwelling (SFD) because use violates a restriction in Schedule B or a zoning ordinance.
- Unrecorded easements
- Pays rent for substitute land or facilities
- Rights under unrecorded leases
- Plain language
- Building permit violations*
- Compliance with Subdivision Map Act, if any*
- Restrictive covenant violations
- Discriminatory covenants
- Covenant violation resulting in reversion
- Violations of building setbacks
- Enhanced marketability
- Access - Enhanced vehicular and pedestrian access
- Map, if any, not consistent with legal description
- Post-policy forgery
- Post-policy encroachment
- Post-policy damage from minerals or water extraction
- Post-policy living Trust Coverage for Trustee
- Post-policy living Trust Coverage for Beneficiary
- Post-policy automatic increase in value up to 150%
- Post-policy adverse possession
- Post-policy cloud on title
- Post-policy prescriptive easement
- Boundary walls and fence encroachment*
- Insurance coverage forever
* Subject to a deductible and maximum indemnity liability, which may be less than the policy amount.
How much does a title insurance rep make annually?
Since more title reps are 100% commission sales, it varies on the person.
Are you a people person with great sales skills? Are the title fees in your state highly regulated and overseen by the State Government? Or can the agencies charge whatever they want to your area? Can you take rejection on a daily basis? Persuade people to like you enough to buy your product?
Well, then the answer is $00.00 - unlimited potential (over 6 figures). Some agencies will give you sales incentives, draws, car allowance, maybe even a salary if your state laws prohibit commissons on sales. (some states do).
The sky's the limit - so, there is no real answer. Sales positions like this are what you make them, just like selling real estate. You have to make the sales in order to eat. How much you make is 100% your responsibility.
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 if the title insurance company does not record the deed?
If the title company fails to file a conveance deed or a security instrument of record in the county that the property is in you will need to file a claim with your owner's title policy or the lender would need to file a claim on their mortgagee policy
How can one get a copy of a lost title insurance policy?
You can ask the original title agency that issued the Policy for a duplicate or their Underwriter. They may or may not charge for the extra copy.
Is Title Max a reputable company?
You should be wary of any company like this as they usually charge you excessive interest and fees. There are many complaints online about this company being a rip-off.
Peter Coeshott is not a widely recognized public figure or celebrity, and there may be limited information available about him. He could potentially be an individual in a specific field, such as academia, business, or another profession. If you have a particular context or additional details about him, please provide them for a more accurate response.
Who pays for Title Insurance in Marion County Florida?
If the transaction is a refinance, then the borrower (current owner), pays for the Mortgage Title Insurance, for coverage on the new loan.
If the transaction is a purchase, the title insurance fees are negotiable and either buyer, seller or both can pay the fees as per what is regional practice or what has been negotiated into the sales contract.
All states vary, yet who pays on a purchase is always an elective and negotiable between the parties involved as to the Owner's Policy.
Typically the new buyer pays for the Mortgage Policy regardless as to who is paying for the Owner's policy.
Is the buyer or seller responsible for title insurance in Texas?
The seller is required to provided a clear title; purchasing title insurance is generally a part of this.
Do attorneys need to have a title insurance license?
It depends on the state.
In some states, where there are no licensing requirements to be a title agent/title agency, anyone can sell and effect title insurance without any special requirements or licensing.
Other states require specific title licensing (like New Jersey), and an attorney must also have a title license in order to effect and sell title insurance.
Additionally, states like MA require that in order to be a title agent, you must be also be an attorney.
Check with your state's licensing requirements for specific details.
What difficulty did insurance companies face in under-writing a policy of title insurance?
in order to ensure the validity of title for a buyer, title insurance companies had to also track prior owners of the land and determine if the land had any easements, liens, or other encumbrances
Is there a practice test for the PA title insurance exam?
It's been awhile since I took the test but there are "course" offered by PLTI - Pennsylvania Land Title Institute that are worth looking over. I was also told to read the policy jackets! Don't expect a lot of questions pertaining to what a Settlement Agent/processor does every day regarding HUDS, closings, post closing, etc... Brush up on the legal and examiner part of Title Insurance. Hope this helped and GOOD LUCK!!
Which type of title insurance is usually requested by lenders?
Usually a lender will only request a basic Lender title insurance policy. While there is an enhanced lenders policy, the lender usually only requires a basic policy for there protection. The Loan policy is usually based on the dollar amount of your loan. This policy only protects the lender interest in the property if problems arise on title.
Because the Lenders policy only protects the lender up to the loan amount that is taken, it is a good idea to look into getting an owners policy to protect the buyer of the property, this policy is based on the purchase price of the property, and will help protect the equity that is built over time.
Does homeowners insurance cover the lenders title insurance?
No it does not. Lenders Title insurance is a whole other form of coverage
