Title insurance is an insurance policy that covers the loss of ownership interest in a property due to legal defects and is required if the property is under mortgage. The most common type of title insurance is a lender's title insurance, which is paid for by the borrower but protects only the lender. However, owner's title insurance can be taken out as a separate policy and is paid for by the seller to protect the buyer's equity in the property.
Title insurance protects both real estate owners and lenders against loss or damage that can occur due to liens, encumbrances or defects in the title to a property. This differs from normal insurance in that title insurance protects the insured against the potential event that someone else from the past has a legal claim on the property. Common insurance policies, such as car insurance or health insurance, only protect the insured against future events. Title insurance is meant to protect policyholders against claims. These claims can be another person trying to claim ownership on a piece of property, fraud or forgery of title documents, easements and other items outlined in the insurance policy.
An examination of public records to determine and confirm a property's legal ownership, and find out what claims are on the property. A title search is usually performed by a title company or an attorney, who researches the vested owner, the liens or other judgments on the property, the loans on the property and the property taxes due.
Before you close a deal on the purchase of a home, a title company will search public records on the property's ownership. Once the search is finished, you'll receive a preliminary title report. If there are any issues or problems with the title, you can point them out to the seller. Some problems are easily cleared up while others may take so long that they jeopardize your loan commitment.
Title curative is a set of procedures used to“cure” defects in chains of title, such as correcting instruments that are erroneous or ambiguous. The process is focused on whether the actual use and possession of the land under review is consistent with record title. Unresolved items in the Title Opinion may result in the necessity of curing such issues.
Settlement services includes “any service provided in connection with a real estate settlement including, but not limited to, the following: title searches, title examinations, the provision of title certificates, title insurance, services rendered by an attorney, the preparation of documents, property surveys, the rendering of credit reports or appraisals, pest and fungus inspections, services rendered by a real estate agent or broker, the origination of a federally related mortgage loan (including, but not limited to, the taking of loan applications, loan processing, and the underwriting and funding of loans), and the handling of the processing, and closing of settlement.”
Town Square Title is a forward-thinking company utilizing technology to its fullest, bridging the gap between the real estate community and the consumer through technology. With 24/7 access to the Internet, everyone can stay informed on every step of the closing process. By utilizing our Paperless Closer, software, "Know What We Know" all the time - any time.
“Paperless Closer" allows you to manage your title transactions from anywhere you have access to the internet. Once you have created an account with us you will be given a username and password that is the key to management of your account 24 hours a day, seven days a week.
PAPERLESS CLOSER FEATURES:
- Email Notifications when your account has been updated
- Document Viewing and Printing
- Add notations to your accounts
- Upload Documents such as Payoff Statements, Survey Copies, Homeowners Insurance Information or even HOA information
- Lenders will have the flexibility of submitting refinance orders without having to contact your office
- Realtors will have access around the clock to check the status of their orders