Do I need Title Insurance?
Most definitely! Title insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership of your property. There may be hidden title defects that even the most careful title search will not reveal. In addition to protection from financial loss, title insurance pays the cost of defending against any covered claim.
The Lender already requires title insurance; will that protect me?
Not necessarily. There are two types of title insurance. A Lender’s Policy insures that your lender has a valid lien on the property. Most lenders require this type of insurance, and typically require the borrower to pay for it. An Owner’s Policy, on the other hand, protects your interest in the property. Title troubles, such as improper estate proceedings or pending legal action, could put your equity at serious risk. If a valid claim is filed, in addition to financial loss up to the face amount of the policy, your owner’s title policy covers the cost of legal defense.
Should I shop around for Title Insurance? Yes, you DO have a choice….
Some states closely regulate rates. Others permit open competition, often resulting in significant differences between title insurers on rates and coverage. Depending where you live, it pays to investigate your options carefully in order to obtain the most complete coverage. You also want to work with a title insurer that responds readily to your needs and performs its complex tasks with great accuracy. It is vital, too, that you choose a title insurance company with the financial strength and stability to meet its obligations, through good times and bad, over the long term.
Our Underwriter is Old Republic National Title Insurance Group, why?
Your title insurance policy provides both peace of mind and wonderful financial protection. But that protection is only as strong as the issuing company itself. Since 1907, Old Republic Title has been insuring American households and weathering every storm, providing complete protection through good times and bad. We also know your neighborhood…the same way we know title insurance: like no other. Come home to the friendly, knowledgeable service you deserve.
What is a Title?
A title is the evidence, of right, that a person has to the ownership and possession of land. It is possible that someone other than the owner has a legal right to the property. If that right can be established, this person can claim the property outright or make demands on the owner as to its use.
Two Types of Title Insurance
Your lender likely will require that you purchase a Lender’s Policy. This policy only insures that the financial institution has a valid, enforceable lien on the property. It does not protect you. An Owner’s Policy on the other hand is designed to protect you from title defects that existed prior to the issue date of your policy. It also covers the full cost of any legal defense of your title.
How much does Title Insurance Cost?
The one-time premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance. It is a one-time only expense, paid when you purchase your home. Yet it continues to provide complete coverage for as long as you or your heirs own the property. What can make a title defective?
Any number of problems that remain undisclosed after even the most meticulous search of public records can make a title defective. These hidden “defects” are dangerous indeed because you may not learn of them for many months or years. Yet they could force you to spend substantial sums on a legal defense, and still result in the loss of your property.
When you purchase a title insurance policy from Greenwood County Title, Wilson County Title, or Woodson County Title, underwritten by Old Republic Title, we provide complete protection from these and a host of other hidden defects:
Deeds executed under false or expired powers of attorney
Mistaken interpretation of wills and trusts
Incorrect representation of marital status
Mistakes in recording legal documents
Incorrect legal descriptions
Forged deeds, releases, etc.
Federal, state inheritance and gift tax liens
Errors in tax records
Federal condemnation without notice filing
Capacity of foreign fiduciaries
Duress in execution of documents
Want of jurisdiction over persons in judicial proceedings
Deeds from minors or non-existent entities
Discovery of later will after probate of first will
Easements by prescription not discovered by a survey
Deeds delivered after death of grantor or grantee, or without consent of grantor
Deeds from incompetent persons
When should I look into Title Insurance?
Call Greenwood County Title, Woodson County Title, or Wilson County Title (Agent for Old Republic Title) as soon as you and the seller sign the earnest money contract. With a brief summary of the details, our team of title experts will begin a search of the public records and issue a title commitment. Because there are a number of steps we must take to make certain that we know all we can about the title, it is wise to get the ball rolling as soon as possible.