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What is a binder?
A report issued by a title insurance company setting forth the condition
of title to certain property as of a certain date, and also setting
forth conditions which, if satisfied, will cause a policy of title
insurance to be issued. Also called a commitment.
Why are there delivery/wire charges with title service?
These charges are incurred to properly place documents to any or
all parties involved, either by courier or wire.
What is an endorsement?
A writing on a negotiable instrument by which property mentioned
there in assigned and transferred. Also, a notation on an instrument
to change, clarify, or enlarge its contents.
What is Escrow?
It is the delivery of a deed by a grantor to a third party for delivery
to the grantee upon the happening of a contingent event. Modernly,
in some states, all instruments necessary to the sale (including
funds) are delivered to a third neutral party, with instructions
as to their use.
What is an Exam?
Research of the title to real estate including current liens on
such real estate.
What is a Lien?
An encumbrance against property for money, either voluntary or involuntary.
What is a Simultaneous Issue?
A simultaneous issuance by a title insurance company of policies
insuring both an owner and a lender. The lender's policy is issued
at a reduced rate.
What is a Survey?
The measurement of the boundaries of a parcel of land, its area,
and sometimes it topography.
What is a Survey Review?
The plan showing the measurements, boundaries, area and contours.
What is a Title?
Evidence of lawful ownership of said property.
What is Title Insurance?
An insurance policy that protects the holder from loss sustained
by Defects in the title.
Why Title Insurance?
Owning real estate is one of the most precious values of freedom
enjoyed in the country. When you decide to buy a new home, you want
to be sure the property will be yours and that no one else will
have any liens, claims or encumbrances against your home other than
your agreed to mortgage.
What is a Loan Policy?
A loan policy insures your lender's security interest against loss
due to defects in your title that were not discovered at the time
of sale. The loan policy offers no protection for the homeowner.
What is an Owners Policy?
A. Just as lenders want security with their title policy, you should
protect the equity in your new home with a title policy. For a low
one-time premium you can receive the protection of a title insurance
policy against "hidden risks" or undiscovered interests.
What does the Owner's policy provide?
PROTECTION FROM FINANCIAL LOSS due to covered claims that may be
asserted against the title to your home, up to the face amount of
the title policy
PAYMENT OF LEGAL COSTS if the title insurer has to defend your title
against a covered claim
PAYMENT OF SUCCESSFUL CLAIMS against the title to your home covered
by the policy, up to the face amount of the policy.
What does Title Insurance protect you from?
False Impersonations
Forged Deeds
Deeds by persons of unsound mind / deeds by minors
Invalid Documents
Invalid Deeds
Deeds by supposedly single persons but actually married fraud
Liens for unpaid estate inheritance and gift taxes
Unrecorded Easements
Undisclosed heirs of former oweners
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