Title Insurance

You obtain title insurance from a licensed title insurance agent; I would not purchase it from a captive agent (that is, from the lender providing my loan, or from the realtor listing/selling the house).

Typically, a Loan/Mortgage policy cannot be transferred to a new loan as the title coverage is unique to each loan.

The mortgage coverage on a loan ends when the loan is paid off and satisfied, that is why new coverage is taken out on the new loan.

However, in the case of a Mortgage Modification of an existing loan, the coverage may be extended to cover the existing loan and the new loan amount of the Modification.

There would still be title charges for the changes in the Mortgage Modification coverage in most cases.

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Yes, a licensed title producer or an attorney can explain the concept of title insurance which is relatively simple:

1. A Lender's or Mortgage Policy covers the lender's mortgage interest in the property for the life of their loan against title defects at the time the mortgage is taken. The only way a Lender's coverage can be transferred to a new mortgage holder if the loan is sold, is if the lender takes out Secondary Mortgage Market coverage at the time the new mortgage was made by the borrower.

2. An Owner's Policy covers the new owner against PRIOR defects in the title. It is good for as long as the owner is vested in the property whether it be 5 years or 50 years, but does not cover any defects made by the new owner while in possession. An Owner's Policy is NOT transferrable.

You file a claim with the title agency as to the disbute.

Remember, only pre-existing conditions up to the date you purchased the property would be covered and you need to check your Owner's Policy to see if the issue you are concerned about was covered or excepted from coverage on your Policy before you file a claim.

If the "cloud" is something that came about AFTER you purchased the property, it would not be covered.

New Jersey Department of Banking and Insurance

In many states, there is a discounted refinance rates for the premium. Ask the title insurance agent who is doing the new Mortgage Policy if you qualify for a discount.

There are no discounts that I know of, on an Owner's Policy, since when a new Owner's Policy issued, it means the property and chain of title, has transferred hands.

United General's operations were rolled into First American Title Insurance Company's last year.

Yes, a title company can keep escrow funds. Companies like escrow and escrowlion.com can keep your funds in their escrow account. I'll recommend escrowlion.com for any online transaction. They also have good customer care service.

PS: I do not work with escrowlion.com. My answers are based on experience.

An owners policy refers to a title insurance policy issued to the property owner not the lender. It provides protection to the owner of the property and is normally purchased at the time you settle on the purchase transaction. If the prior owner purchased an owners policy on the property prior to the new sale a discount called

reissue rate may be applied if you can provide the prior policy information. The discount can be significant.

PIA of Florida

The policy limit is the policy limit. You paid for an insurance policy based on the amount you paid for the property. As far as I remember, Owner's Policy's are never issued for more than the amount of the contract price paid for the property.

A title commitment is just what it is. It's a commitment. Meaning as long as all of the conditions are met on that commitment, after closing, title insurance will be issued. A commitment is not considered insurance. Your title is not insured until after closing when the new deed and/or mortgage has been recorded. At that point, the title company issues insurance. If you are buying a new home and depending on where you are, you should receive your title policy about 60 days after closing along with either the original or a copy of your deed.

Yes, Your insurance will still pay. However any payment for property losses will be made out to both owners requiring that both sign the check before cashing.

When selling a cash mobile home, using an escrow company or a title company is not strictly required, but it is highly recommended for added protection and to ensure a smooth transaction. An escrow company can help manage the funds and documents securely, while a title company can verify ownership and clear any liens. This process helps protect both the seller and buyer from potential disputes or issues. Ultimately, the choice depends on your comfort level and the specific requirements in your state.

In 1948!!!!!!!

If they have a bill of sale providing proof of ownership, the answer is yes they can purchase insurance on the mobilehome. If there is some kind of contention that they do not legally own the home, it may require more proof to satisfy the company.

Title insurance and mortgage insurance are NOT the same.

Title insurance policies are written to cover a specific tract of land and can be offered to either the mortgage lender (called a lender's policy) or the purchaser of the property (called an owner's policy) and is usually paid out of closing costs. Title insurance protects against any hidden defects in the title to the property that would not be disclosed by a search of the public records, such defects including, but not limited to, a forgery of an earlier transfer document, a missing heir of a previous owner suddenly appearing to claim an interest, or human error in indexing the records. Most mortgage lenders will require a title insurance policy and will pass the cost on the their borrower. Owner's policies are usually optional but highly recommended, as they usually require only a very low one-time payment and can prevent potential attorneys fees and other costs, in a dollar amount up to the purchase price of the property. The insurance policy will protect an insured owner for life, even after he or she moves away from the property.

Mortgage insurance policies are written to cover a specific loan solely to protect a mortgage lender. Mortgage insurance is meant to protect the lender in the case the borrower defaults and does not make his/her payments, so that the lender must foreclose. This policy is most often required when the borrower does not have enough "ownership" in the value of the house relative to the loan amount. (The typical requirement is at least 80% equity, which for a buyer translates to a 20% or higher down payment.) It allows a buyer (in the case of a loan made to purchase property) who normally would not have enough cash for a down payment, or an owner (in the case of a loan made to refinance property) who does not yet have enough equity in the home to still obtain a loan. The conventional belief of financial institutions is the less a borrower feels he has invested in the house, the more likely he is to "walk away." The mortgage insurance is meant to make up the difference in the debt-to-equity ratio. It, too, is a cost passed along to the borrower, but as part of the monthly mortgage payment. With loans insured by the Federal Housing Administration (FHA) program, an up-front mortgage insurance payment will also be required, usually about 3% of the loan amount, paid at closing. Federal law allows the insurance to be cancelled, as it is no longer deemed necessary, once the borrower gets enough equity in the property over time, as he makes payments toward the principal balance of the loan.

Each State is different. In Maryland we are governed by the Maryland Insurance Administration. We also have to abide by RESPA rules and regulations, and the guidelines set forth by our Title insurance underwriters.

Typically, it is the state's Department of Insurance or Banking and Insurance that oversees the Underwriters and Agencies.

That does not mean that each state has licensing requirements in order to effect title, but simply that the title insurance process of issuing insurance policies for title is regulated by the state.

Some state require title agencies and producers to be licensed and pass examinations, others do not.

I depends on the state that you are in. In most states you can find the information on the government website under insurance.

to the best of my knowledge it is 7 years, but they can be scanned if done properly so you do not have old paper files of records

A Lender will require a Lenders Title Insurance policy if they are extending credit on a property. The Lenders title insurance policy is based off of the Loan amount that the borrower receives. It will only protect the lenders interest in the property if a problem arises on title.

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