Title insurance is insurance against loss resulting from defects in the title to the property. Defects take many forms, either in the chain of title of specifically described real property, from judgments, liens or unreleased deeds of trust. Title insurance differs from other forms of insurance. A title policy insures against matters of the past, and the premium is paid only once, at closing.
B&S 2. Besides issuing title policies, what is the role of Signature & Stewart Settlements?
The title policy, although the tangible product of the title company, is only a small aspect of the total role we play in the real estate transaction. Signature & Stewart Settlements is called upon to close the deal, but before the actual closing can take place hours of painstaking preparation must be done. This involves collecting and coordinating many pieces of information from many different sources including the real estate professionals, lenders, termite company, surveyor, hazard insurance company, et al. This is all typically done under exacting time constraints.
B,S &R 3. What's in a title search?
You've decided to purchase a home and hope to take possession as soon as possible. The terms have been agreed upon and all the financial arrangements have been made, but there's one important detail remaining. Before the transaction can close, a title search must be made. A title search is a means of determining that the person who is selling the property really has the right to sell it and the steps that must be taken to insure the title for the buyer and the lender.
B 4. How much does title insurance cost?
The price of title insurance is based on the purchase price of the property and the loan amount, therefore making the cost unique to each closing. If you are obtaining two loans and your lender requires title insurance on both loans, additional title insurance costs will be collected. If you would like the amount that will be collected for your closing, please e-mail us with your purchase price and loan amount(s) and will give you the cost based on the amounts you provided.
B 5. Do I really need Owner?s title insurance?
Every day in America, someone somewhere is buying or selling a home and behind the scenes of each transaction is the title insurance industry. At Signature & Stewart Settlements, our detailed-minded professionals conduct in-depth searches to uncover problems and will work along with the seller to resolve these issues so that the closing may move forward as planned. If a title problem should arise in the future, even decades later, your Owner's Policy of Title Insurance protects you in accordance with the terms of the policy.
B&R 6. What is the difference between a Lender's Title Policy and an Owner's Title Policy?
Having a clear title is important to the sale and purchase of a home. When you obtain a loan to buy your home, your lender will require that you purchase Lender's Title Insurance. This insures the lender that they will have a valid lien against your property, but this policy does not protect the owner.
An Owner's Insurance Policy must be purchased to protect you if a title problem arises after you buy your home. Even the best title search, performed by the most experienced and capable experts cannot ensure that no title hazards exist; some problems just aren't revealed in the painstaking review of available records. An Owner's Title Insurance Policy is your assurance that you will have a company standing behind that policy to insure you against that loss.
B 7. Do I need a copy of the survey?
When you close on your home, remember to get a copy of your survey and keep it in a safe place with all your real estate related documents. Your survey identifies the lot as recorded in the county where the property is located, the location of your home, recorded easements that may be located on your property, common areas you may abut to, set backs, any encroachments, fences and roadways. Generally a house location survey is ordered. If you want a boundary line survey there will be an additional cost.
B&S 8. Who chooses the title company?
Typically, whoever is paying for the Owner's Policy chooses the title company; in most cases that is the buyer. Please email Signature & Stewart Settlements if you have any unanswered questions or to request a quote.
