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Answers to Your Questions
1. What does title insurance protect me from?
Monetary loss. Loss that's caused by defects or encumbrances on your title to the land that aren't shown or discussed in your title policy.
2. Is an attorney's opinion just as good as title insurance?
No. Title insurance offers you more protection, insuring you against unrecorded documents, fraud, questions of survey, mechanics liens, and rights and claims of parties in possession.
3. How much does an owner's policy cost?
Usually only $100-$200 more than the lender's policy required on new mortgages. If you are buying on a contract for deed, or assuming a mortgage, you'll want to check our rate schedule or contact one of our representatives for a quote.
4. How long does my policy protect me?
An owner's policy protects the named owners as long as that owner remains in title in the manner obtained.
5. What happens through out the closing process?
The following list is an overview of the many steps that may happen throughout the closing process. It's provided here for you so you can become familiar with the process and maybe prompt a few questions that you'd like us to answer for you.
- Review title commitment information.
- Coordinate clearing of title problems, if any.
- Order payoff information for existing liens.
- Prepare settlement statement showing disposition of all funds.
- Prepare closing documents.
- Receive and review lender's closing instructions and documents.
- Schedule closing, informing all parties of date, time and place.
- Conduct the closing of the new mortgage transaction for the lender (if applicable).
- Conduct the closing with both buyers and sellers if the transaction is a cash, assumption or contract for deed transaction.
- Disburse all funds including funds in escrow subsequent to closing.
- Assure all applicable documents are recorded with county recorders office.
If you have a question that is not answered above, please email us.
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