Title Insurance is the modern method of real estate title protection. A policy of title insurance protects the insured against a partial or total loss arising out of defects, liens and encumbrances in the title to real estate.
A mortgage title insurance policy protects only the lender’s interest in the property, not the current owner’s. Select Title & Settlement provides owner’s title insurance policies to protect the owner’s interest in a piece of property should a claim arise. Purchasing your owner’s title insurance policy at the same time that the lender orders the mortgage title insurance policy can result in savings to you.
Any person or financial institution that lends money on real estate wants that investment protected. Select Title & Settlement provides mortgage title insurance policies to assure the lender that the mortgage is a valid first lien protected against defects in the title as insured. Such a policy affords the only way a lender can be certain about the title. It’s always better to cover all the bases and protect yourself when committing to any large investment.
Some of the most serious risks, which are not revealed by the records or by an examination of the abstract, but are covered by a title policy include, but are not limited to:
- Errors in Records or Clerical Work
- Marital Status of Owner Incorrectly Given
- Undisclosed Heirs
- Mentally Incompetent or Minor Grantors
- Defective Deeds
- Confusion Due to Similar or Identical Names
- Fraud & Forgery
Yes, you could be protected with a title insurance policy! Under the terms of a title policy you are protected against risks and insured against loss. If your title as insured is ever attacked, Select Title & Settlement stands ready to defend it in two ways:
- If it is necessary to enter a legal defense of your rights under the policy in any suit or proceeding adversely affecting the title as insured, Select Title & Settlement employs legal counsel to take such action for you (completely at our company’s expense, not yours).
- If a loss is sustained you are protected up to the full amount of your policy, which usually is equal to the full purchase price you paid for the property.
There are no annual premiums. One premium, based on the amount of the sale or mortgage, is paid when the policy is issued for the life of the policy.
A mortgagee policy stays in effect until the loan is paid off. An owner’s policy is good forever. Even if you sell your property, it continues to protect you and your heirs on your warranties.
Every attorney knows that there are hazards in real estate titles that cannot possibly be discovered through even the most diligent search of the public records. For instance, the attorney cannot be sure that the marital rights of all previous owners have been properly relinquished; that all mortgages, judgments, etc., affecting the property have been properly indexed in recording room; that there is no unknown heir of a former owner who can appear to assert a claim. These are but a few of the matters that can crop up to defeat real estate titles. Among others are such things as fraud, duress, infancy, insanity, false personations, etc.
Yes we do. We offer a full range of commercial property services. Visit the Services page to find out more.
A property document retrieval means that we will obtain copies of the requested real property document(s), such as a deed or mortgage. A Property Document Recording means that we will file your real property document with the appropriate Register of Deeds office and send you the recording information.
We strongly recommend scheduling your closings EARLY IN THE WEEK & EARLY IN THE MONTH, whenever possible.
The entire closing process tends to bog down at the end of the week and month. Scheduling your closing early in the month & week will ensure that banks, lenders and insurance companies, as well as, moving companies, utilities and cable service providers are available to assist you with making your “big move” stress free.
Need more info? Give us a call at (603) 669-3931 or e-mail email@example.com.