Real EDvice

By STEPHANIE BARBER

For The Vista

• What is title?  A title is your ownership right to your property.

• What is a Title Search?

A title search is a normal standard part in the process of home buying that is conducted to discover or uncover issues that could prevent your right to the property. A closing agent reviews public records to see if there are any defects or problems which may cause legal issues.

• What is Title Insurance?

When you purchase a home, title insurance is a policy that protects your property and investment rights.

• How many types of title insurance policies are there?

There are two types of title insurance policies: Lender’s Policy and Owner’s Policy.

Type 1: A lender’s policy is typically required by the lender and will only protect the lender’s financial interest in the property.

Type 1: An owner’s policy will protect your property rights for the length of time you own the home.

• Why would you purchase Title Insurance?

It is the best way to protect your property from future legal claims.

• What does Owner’s Title Insurance Cost?

It is a one-time payment which is a low cost relative to the value of your home. It typically costs 0.5% of the home’s purchase price.

• What is the length of coverage?

As long as you own the home your owner’s policy will be in effect and is a one-time cost.

• What happens at Settlement?

Legal documents will be signed and then you will receive the Keys to your home.

Why do you Need Title Insurance?

1. Forgery of Covered Documents

2. Fraud in the execution of a covered document or a deed.

3. False Impersonation by someone pretending to be the owner of the property.

4. Missing or undisclosed heirs.

5. Will that have not been properly probated

6. Misinterpretation of trust and wills

7. Clerical errors in legal documents

8. Transfer of title by a minor

9. Mental incompetence of a grantor of a deed

10. Incorrect indexing of land records

11. Deeds that have been Delivered after the death of the Grantor

12. Incorrect Legal Descriptions

13. Non-delivery of deeds

14. Homestead rights of spouses of former owners

15. Deeds executed under expired or false power of attorney

For additional information on how best to protect your home ownership, please give me a call!

Stephanie Barber, J D Land Title Inc., 931-456-9809 OFFICE, [email protected]; www.jdlandtitle.com