Protecting Property Ownership is our responsibility

Title Insurance Solutions

Title insurance has been a core of our business since opening our first office. Since then, we’ve refined the process to make protecting property ownership a breeze, and now serve customers across the globe. Our work with home buyers and sellers; real estate agents and brokers; real estate lenders; builders and developers; commercial property owners, and investors speaks for itself. 

 

Title insurance offers financial protection against title problems that might not be found in the public records, are inadvertently missed in the title search process or that may arise from fraud or forgery. This necessary service not only provides peace of mind to property owners but ensures real estate lenders are investing in a safe transaction.

What is Title Insurance?

 

Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions. 

Simply stated, the title to a piece of property is the evidence that the owner is in lawful possession of that property. 

Insurance such as car, life, health, etc., protects against potential future events and is paid for with monthly or annual premiums. A title insurance policy insures against events that occurred in the past of the real estate property and the people who owned it, for a one-time premium paid at the close of the escrow. 

Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the insurance policy. 

State laws and customs vary on who pays for title insurance, but here’s who generally pays for title insurance:

Home buyers typically cover costs for lender’s title insurance as they are the one who is taking a loan from the mortgage lender.

The person who pays for owner’s insurance can vary. Sometimes, the seller could pay for the title policy as an offering to help with the sale of their property.

After the escrow officer or lender opens the title order, the title agent or attorney begins a title search. A Preliminary Report is issued to the customer for review and approval. All closing documents are recorded upon escrow’s instruction. When recording has been confirmed, demands are paid, funds are disbursed, and the actual title insurance policy is created. 

Escrow refers to the process in which the funds of a transaction (such as the sale of a house) are held by a third party, often the title company or an attorney in the case of real estate, pending the fulfillment of the transaction.

The Owner’s Policy insures the new owner/home buyer, and a lender’s policy insures the priority of the lender’s security interest.

What Does Title Insurance Protect You From?

There are few things in life more important than protecting your home. The following matters are examples of why you need a Firstview Title insurance policy. Remember that the best title examination or search cannot protect your equity and home from matters not appearing in the public records.