Ok so you know title insurance is important for verifying the title of your property, right? So trusting in the right company is also important. But how to you pick the best provider?
Experience, Reputation, and Reliability
Well, as you work with your real estate agent or lender, here are three things to consider when looking for a title insurance company: experience, reputation, and reliability.
Every state is different so the company you choose should have solid partnerships with local businesses, representatives with significant experience in your community, and expert knowledge of your local laws.
You also want a title company with a good reputation for solving complex problems, mediating difficult circumstances, and dealing with any situation that comes up. Because you never know what might come up! And finally you want a representative who’s backed by decades of reliability with the financial stability to be around for many years to come.
So as you work with your real estate agent or lender ask about the title company and choose one that’s experienced, reputable, and reliable!
About Title Insurance
Title policies insure owners and lenders against possible losses from claims against real property ownership. The preliminary report or commitment provides advance information on matters which will be excepted from coverage. Lenders and owners are thereby given an opportunity to correct title flaws before purchasing or lending.
Title insurance originated in the 1870’s to stem a series of land ownership problems that developed from inaccurate record searches, forgeries, and related problems. Today, it offers protection from certain items that cannot be determined from public records, such as forgeries of all types, undisclosed heirs, hidden marriages and divorces, clerical errors, and invalid legal procedures and interpretations.
Policies are written on the basis of a search of public records and other records which impart constructive notice. Remember, a deed does not prove that the seller is the owner of the property. Only title insurance can protect your interest in the property from unknown encumbrances, legal conflicts and unforeseen claims.
A policy of title insurance is like a pre-paid legal agreement. Your insurer will provide legal defense against challenges to your insured title (dependent, of course, upon the type of policy coverage ) and will reimburse you financially for losses due to the covered defects in your ownership rights.
It is important to remember that a lender’s title policy does not insure a borrower against title risks. While certain types of policies pertain to both the owner and the lender, it makes good sense to help protect your borrowers by explaining the limitations of their particular coverage.
If you have any questions regarding which policy would best suit the needs of any particular situation, contact your Ticor Title representative.