Title insurance is an insurance policy guaranteeing a buyer’s ownership and peaceful enjoyment against claims, liens, or judgments associated with a property after the purchase is completed. Such insurance protects against losses arising from events occurring prior to the date of the policy. Unlike Real Property or Casualty Insurance where coverage starts on the day a policy is issued, title insurance, being Indemnity Insurance, causes coverage to stop on the day the policy is issued. Its coverage extends backward in time and guarantees that events prior to your ownership do not result in losses to you.

When you buy a home–or any property for that matter–you expect to enjoy certain benefits from ownership; to be able to occupy and use the property as you wish, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell or pledge your property as security for a loan. Title insurance is designed to cover these rights. Without an owner’s title insurance policy, you may not be fully protected against errors in the public records, hidden defects not disclosed by the public records, or mistakes made during the examination of the title of your new property. As a result, you may be held fully accountable for any liens, judgments or claims brought against your new property. However, your owner’s title policy insures that if such an occurance arises, you will be protected, free of charge against all covered claims and paid up to the amount of the policy to settle valid claims.

Yes. Basically there are two types of Title Insurance policies available: Lenders title insurance, sometimes called a Loan Policy, and Owner’s title insurance.

The majority of lenders require a Loan Policy when you get a loan. A Loan Policy protects the lender up to the amount of their outstanding debt and the value of the policy decreases as the loan principal is paid down and expires when the mortgage is paid in full.

Owner’s title insurance is issued in the amount of your real estate purchase. The title insurance is purchased for a one-time fee at closing and lasts for the duration of your ownership of the property. That can even be after the insured party has sold the property. Owner’s title insurance is the only policy that fully protects the buyer in the event of problems with the chain of title. By purchasing owner’s title insurance, you are also insuring against any legal fees that may arise in defending a claim to your title.

The purchase of real estate is one of the most important decisions and investments you will ever make. At Titan Title Services we ensure our clients obtain a clear, marketable title through our process of researching and examining the public records on the prior ownership history. Once the research is complete, we produce a title commitment, which is our written promise to issue a title insurance policy clear of liens and claims against the property based on the provisions stated within the commitment. An owner’s policy of title insurance protects the owner should someone make a claim against the title to the property. A lender’s policy, typically required by any lending institution, protects their interest and rights in the property as well.

Because land is permanent and can have many owners over the years, various rights in land (such as mineral, air or utility rights) may have been acquired by others by the time you come into possession of it, even if the land has never before been built upon. So in order to transfer a clear title to a piece of land, it is first necessary to determine whether any rights are outstanding.

A title search is a detailed examination of the historical records concerning a specific parcel of property. These records include deeds, mortgages, easements, restrictions, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property which may affect the purchaser’s intended use of the property. Titan Title Services always conducts a complete search of the chain of title in compliance of the 50 Year Standard of Marketability Act and additionally, a search for easements and restrictions is made back to 1920. Some title agents conduct only an abbreviated or limited search back to the purchase money mortgage or back two deeds if there is no mortgage. They then make general exceptions to certain kinds of matters which may affect the title. They do not disclose the existence of specific recorded easements or restrictions. The purchaser has no knowledge of these undisclosed title matters; therefore, he or she will not know of their existence and how they may affect the intended use of the property. Titan Title Services does not participate in this practice. When we say we run a complete title search, we mean it! For meaningful protection, always insist that your title agent run a complete title search.

A title search can show a number of title defects and liens, as well as other encumbrances and restrictions. Among these are unpaid taxes, unsatisfied mortgages, judgments against the seller, easements, and restrictions limiting the use of the land.

Yes. There are some “hidden hazards” that even the most diligent title search may never reveal. For instance, the previous owner could have incorrectly stated his or her marital status, resulting in a possible claim by a legal spouse. Other “hidden hazards” include fraud and forgery, defective deeds, mental incompetence, confusion due to similar or identical names and clerical errors in the records. These defects can arise after you’ve purchased your home and can jeopardize your right to ownership.

If a claim is made against your property, title insurance will, in accordance with the terms of your policy, assure you of a legal defense – and pay all court costs and related fees. Also, if the claim proves valid, you will be reimbursed for your actual loss up to the face amount of the policy.

Not necessarily. A deed is just a document by which the right of ownership in land is transferred, whatever that right may be. It’s not proof of ownership, and it doesn’t do away with rights others may have in the property. In addition, a deed won’t show you liens or claims that may be outstanding against the title.

The one-time premium for an owners-only policy is directly related to the value of your home. It is a one-time expense, paid when you purchase your home, yet it continues to provide complete coverage for as long as you or your heirs own the property.

Titan Title Services is here to assist in all of your title insurance needs. When selecting a title insurer, it is important that you look for a company with expertise and experience, as well as the financial strength to protect you should a claim arise.

Yes. We will act as a central clearing house for the parties involved – collecting necessary documents, insuring adherence to the lender’s title instructions, and making arrangements for proper payment and distribution of funds. We are fully prepared to work with you from the beginning of your transaction all the way through to conclusion.