Grand Opening Wednesday Aug 1, 2018


What is Title Insurance?


Title insurance is an insurance policy guaranteeing a buyer’s ownership and peaceful enjoyment against claims, liens, or judgments associated with a property after the purchase is completed. Such insurance protects against losses arising from events occurring prior to the date of the policy. Unlike Real Property or Casualty Insurance where coverage starts on the day a policy is issued, title insurance, being Indemnity Insurance, causes coverage to stop on the day the policy is issued. Its coverage extends backward in time and guarantees that events prior to your ownership do not result in losses to you.

Why do I need Title Insurance?

 When you buy a home–or any property for that matter–you expect to enjoy certain benefits from ownership; to be able to occupy and use the property as you wish, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell or pledge your property as security for a loan. Title insurance is designed to cover these rights. Without an owner’s title insurance policy, you may not be fully protected against errors in the public records, hidden defects not disclosed by the public records, or mistakes made during the examination of the title of your new property. As a result, you may be held fully accountable for any liens, judgments or claims brought against your new property. However, your owner’s title policy insures that if such an occurance arises, you will be protected, free of charge against all covered claims and paid up to the amount of the policy to settle valid claims. 

What is the role of a Title Agency?

 The purchase of real estate is one of the most important decisions and investments you will ever make. At Owner's Title we ensure our clients obtain clear, marketable title through our process of researching and examining the public records on the prior ownership history. Once the research is complete, we produce a title commitment, which is our written promise to issue a title insurance policy clear of liens and claims against the property based on the provisions stated within the commitment. An owner’s policy of title insurance protects the owner should someone make a claim against the title to the property. A lender’s policy, typically required by any lending institution, protects their interest and rights in the property as well. 

What is a Title Search?

 A title search is a detailed examination of the historical records concerning a specific parcel of property. These records include deeds, mortgages, easements, restrictions, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property which may affect the purchaser’s intended use of the property. Brittani Shingles and America's Title always conducts a complete search of the chain of title in compliance of the 40 Year Standard of Marketability Act.  

Why is Transferring the Title to a real estate different from transferring the title to other items?

Because land is permanent and can have many owners over the years, various rights in land (such as mineral, air or utility rights) may have been acquired by others by the time you come into possession of it, even if the land has never before been built upon. So in order to transfer a clear title to a piece of land, it is first necessary to determine whether any rights are outstanding 

Are there any problems that a title search cannot reveal?

Yes. There are some “hidden hazards” that even the most diligent title search may never reveal. For instance, the previous owner could have incorrectly stated his or her marital status, resulting in a possible claim by a legal spouse. Other “hidden hazards” include fraud and forgery, defective deeds, mental incompetence, confusion due to similar or identical names and clerical errors in the records. These defects can arise after you’ve purchased your home and can jeopardize your right to ownership.