What We Do
Title searches are required when institutional loans are obtained and on most sales. THERE IS NO LAW THAT SAYS YOU MUST HAVE A TITLE SEARCH, UNLESS BUYER REQUESTS IT OR A LENDER REQUESTS IT.
Title Insurance is for Buyer's/Lender's protection. Briefly, when it is issued it states that as of that date and before, that so and so is the new owner, status of taxes, liens, easements, and that in the future if it turns out to be different they will stand behind their policy for loss or damages not exceeding the amount of the title insurance for the following:
- Title to the estate or interest being vested other than stated.
- Any defect in or lien or encumbrance on title.
- Unmarketability of title.
- Lack of a right of access to and from the land.
And as to an inured lender:
- The invalidity or unenforceability of the lien of the insured mortgage upon the title.
- The property of any lien or encum,brance over the lien of the insured mortage.
- The invalidity or unenforceability of any assignment of the insured mortgage.
The company will also pay the costs, attorneys fees and expenses incurred in defense of title or the lien of the insured mortgage as insured but only to the extent provided in the conditions and stipulations.
- Title fees are based on value of the sale or loan.
- All partied are checked out before policy is issued.
- Property is checked for liens, clouds, etc.
- Documents are checked that are going to be insured.
- If the title company feels existing title is questionable they can refuse to insure.
The biggest cause of insured title loss today is forged signatures. Remember that if you purchase from a friend, any liens or unpaid taxes, judgments or income tax liens will become yours without title insurance.