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  • Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property.

  • The title to a piece of property is the evidence that the owner is in lawful possession of that property.

  • Insurance such as care, life or health protects against potential future events, and is paid for with monthly or annual premiums. A title insurance policy insurances against events that occurred int he past. It is a one-time premium paid at the close of the escrow.

  • Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, lines, encroachments, easements and other items that are specified in the insurance policy.

  • Buyers and lenders need title insurance in order to be insured against various possible title defects. The buyer, seller and lender all benefit from issuance of title insurance.

  • State laws and customs vary on who pays for title insurance, but generally:

    Home buyers typically cover costs for lender’s title insurance as they are the one who is taking a loan from the mortgage lender

    The person who pays for owner’s insurance can vary. Sometimes, the seller could pay for the title policy as an offering to help with the sale of the property.

  • After the escrow officer of lender opens the title order, the title agent or attorney begins a title search. A Preliminary Report is issued to the customer for review and approval. All closing documents are recorded upon escrow’s instruction. When recording has been confirmed, demands are paid, funds are disbursed, and the actual title insurance policy is created.

  • Escrow refers to the process in which the funds of a transaction, i.e., the sale of a house, are held by a third party, often the title company, pending the fulfillment of the transaction.

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FAQs

What is title insurance?

Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property.

What is a title?

The title to a piece of property is the evidence that the owner is in lawful possession of that property.

HOw is title insurance different from other insurance?

Insurance such as care, life or health protects against potential future events, and is paid for with monthly or annual premiums. A title insurance policy insurances against events that occurred int he past. It is a one-time premium paid at the close of the escrow.

What does title insurance cover?

Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, lines, encroachments, easements and other items that are specified in the insurance policy.

who needs title insurance?

Buyers and lenders need title insurance in order to be insured against various possible title defects. The buyer, seller and lender all benefit from issuance of title insurance.

Who pays for title insurance?

State laws and customs vary on who pays for title insurance, but generally:

  • Home buyers typically cover costs for lender’s title insurance as they are the one who is taking a loan from the mortgage lender

  • The person who pays for owner’s insurance can vary. Sometimes, the seller could pay for the title policy as an offering to help with the sale of the property.

HOw is a title surance policy created?

After the escrow officer of lender opens the title order, the title agent or attorney begins a title search. A Preliminary Report is issued to the customer for review and approval. All closing documents are recorded upon escrow’s instruction. When recording has been confirmed, demands are paid, funds are disbursed, and the actual title insurance policy is created.

What is escrow?

Escrow refers to the process in which the funds of a transaction, i.e., the sale of a house, are held by a third party, often the title company, pending the fulfillment of the transaction.

What is an abstract?

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