Owning real estate is one of the most precious values of freedom in this country. You want the assurance that the property you are buying will be yours. Other than your mortgage holder, no one else should have any claims or restrictions against your home.
Title insurance eliminates any risks and losses caused by faults in title from an event that occurred before you owned the property.
Title insurance is different from other types of insurance in that it protects you, the insured, from a loss that may occur from matters or faults from the past. Other types of insurance such as auto, life or health cover you against losses that may occur in the future. Title insurance does not protect against any future faults.
Another difference is that you pay a one-time premium. A title insurance policy will protect you from risks or undiscovered interests.
1. The lender's policy
2. The homeowner's policy
The types of services offered by a title
company tend to vary from company to company, but most services will
be standardized either within your region or within your sate. Some
of the possible services offered can include:
In today's market, an appraiser can offer
a variety of services. If your title company offers appraisal services,
they could include any of the following:
- Arbitration
- Absorption Studies
- Business Valuation
- Counseling and Consulting
- Expense Analysis Summary
- Evaluations
- Feasibility Studies
- Litigation Preparation
- Management Advice
- Market Analysis
- Market Trend Studies
- Property Appraisals
- Tax Assessment Reports
- Zoning Testimony
Under the requirement of the law, the appraiser
must provide you with a copy of the appraisal report provided that you
request a copy in writing.
Inspection of area flood data including community
status, date suffix, flood zone, and the map panel number. Future map
revision tracking is normally not included. Some companies do provide
what is known as a "Life of Loan" option, which does include future
map revision tracking. If offered, this would be a transferable service
if the loan was sold.
Relocation services can include:
- Equity Statement
- Home Inspection services for third party and corporate policy
holders
- Relocation Appraisal
Some of the services that your title company
may offer as part of their tax services are:
- Real Estate Tax Reporting
- Tax Certification
- Tax Outsourcing
This service can include Mortgage credit
reports and public information records.
If this service is offered, it should most
likely include:
- Exterior Property Inspections
- Inspection guarantees
- Interior Property Inspections
- Pest Control Inspections
- Specialty Inspections (septic; pools; dry rot; ect.)
False impersonation of the true owner of the property
by the seller or other persons previously in title
Forged deeds, releases and other documents
Deeds by persons of unsound mind
Deeds by minors
Invalid documents completed by an expired attorney
Invalid deeds delivered after the death of the grantor
Deeds by supposedly single persons but actually married
Fraud
