TITLE INSURANCE
Title insurance is an important part of your closing, although it is probably the most mis-understood form of insurance. You see, while other types of insurance protect you from risks that could occur in the future, Title insurance protects from risks associated with what has already occurred.
In understanding how title insurance works, you should understand that while the home may have been built last year, the land has always been there. The land has been transferred over and over. Were those transactions handled correctly? Were all of the heirs to a person two owners back in the chain of title found? Or even known? Were any of the legal documents forged? Did the Clerk of the Court index the document correctly?
Because you may not ever know the answers to these questions, Title Insurance exists.
What you may not know is that there are a couple of different title insurance products. These are Lender's Title Insurance and Owner's Title Insurance. Most lenders require title insurance for their real estate loans. This title insurance is called Lender's Title Insurance, and while it protects your lender's interest in the property, it DOES NOT protect you, the owner. Only an Owner's Title Insurance Policy can protect your interest in the property. And as you, the homeowner, makes payments each month, your interest increases and your Lender's interest in the property decreases. The main question to ask yourself about title insurance is, "If my lender places an importance on title insurance to the point that they require it, shouldn't I require it for myself?
Call our office and ask to speak with our Licensed Title Insurance Agent for more information or for a quote on title insurance.
Simultaneous Issue
If you purchase your Owner's Title Insurance at the time of your closing, you will be provided with Lender 's Title Insurance for only $100.00 (provided that your loan amount is less than the purchase price) Please call our office for a quote.
ReIssue Rates Available
CloSure Title & Settlement will provide you with a discount for an amount of title insurance that you have already purchased for yourself, the homeowner. What this means to you...If you will provide a copy of a prior OWNER'S TITLE INSURANCE POLICY (Sorry, it cannot be a commitment), CloSure Title & Settlement will give you a 30% discount on a new policy premium up to the amount of the prior policy. So you see, trimming your costs is important to us, too.