Consumers Choice will help get the closing done faster! We start the title process immediately upon receiving a referral, rather than waiting for the buyer to obtain a commitment from their lender - most attorneys that provide title insurance will not even open a file until a commitment has been received. We do only title-related work, while most attorneys often juggle their real estate clients with the writing of wills, court appearance, contract review for corporate clients, etc.
GENERAL INFORMATION:
Why do you need title insurance?
To protect possibly the most important investment you'll ever make - the investment in real estate.
A lender goes to great lengths to minimize the risks, first checking the borrower's credit and ability to repay the loan. Secondly, by assuring the quality of the title to the property which will be pledged as security for the loan is satisfactory. The lender does this by obtaining a loan policy of title insurance.
A loan policy only protects the lender, not the borrower. That is why a real estate purchaser needs an owner's policy, which can be issued at the same time as the loan policy, usually for a nominal one-time fee.
What title insurance protects against?
Here are a few common risks that can cause loss of title or create an encumbrance on title:
- False impersonation of the true owner of the property
- Forged deeds, releases or wills
- Undisclosed or missing heirs
- Instruments executed under invalid or expired power of attorney
- Mistakes in recording legal documents
- Misinterpretations of wills
- Deeds by persons of unsound mind
- Deeds by minors
- Deeds by persons supposedly single, but in fact married
- Liens for unpaid estate, inheritance, income or gift taxes
- Fraud
What protection does title insurance provide?
Title insurance will pay for defending against any lawsuit attacking the title as insured, and will either clear up title problems or pay the insured's losses. An owner's title policy remains in effect as long as the insured, or insured's heirs retain an interest in the property.
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