What is title insurance?
Title insurance protects against financial loss that would result from the discovery of a previously unknown defect to the title. A previous mortgage or lien, a forged document, an undisclosed heir, or any number of other issues that cannot be discovered by a title search can disrupt the ownership of a piece of land or a home.
What is a title search?
A title search examines the historical records of a plot of land. The search allows parties to a transaction to be fully aware of any and all interests that apply to that land.
When should I buy title insurance?
Title insurance is an integral part of real estate transactions because it protects all the parties involved from the losses and inconvenience that can result from the discovery of title defects. It is purchased as part of the closing, and is a one-time premium. Your policy protects you for the duration of your ownership.
How much does title insurance cost?
In most states, the rate premium for title insurance is regulated by the State's Department of Insurance. That means that the premium you will pay will be the same throughout the state for each type of policy.
In other states, the title insurance underwriters file their rates with the State, and there might be small differences in the premium cost, depending on the underwriting company.
Does the title insurance agency handle the closing?
Yes, your title agency helps you navigate the closing process. From managing the title and mortgage lending documents, conducting the closing, to handling the receipt and disbursement of all the funds in a transaction, a good title partner can help streamline the process for all parties involved.