A title insurance policy is like any other insurance policy. The policy protects the insured (Buyer or Lender) by indemnifying them against actual losses caused by the presence of certain defects, liens and encumbrances that exist against the title as of the date of the policy and which are neither excepted or excluded from coverage. An example of an excepted encumbrance would be an easement running through the property. The policy would not protect the Lender or Owner with regard to future use of the easement, as it was a matter of public record at the time the policy was issued.
Do I need title insurance?
Fortunately for Homebuyers and Lenders, they need not rely solely on an attorney’s opinion or title examination for protection against title problems. No matter how diligent the attorney, there are matters that can arise after the closing that may require extreme measures to cure. For this reason, the Seller will generally provide a title insurance policy to protect the interests of the Buyers, and the Lender will require a title insurance policy to protect the Lender’s interest in the property.
What are the current title insurance rates?
You can calculate title insurance using the calculators linked below:
In accordance with the Good Funds Distribution Act of 2005, by law we are unable to accept any form of payment exceeding $1,000 unless payment is made by way of certified funds.
What are Certified Funds?
Certified Funds are funds in the form of any of the following:
cash;
wire transfers;
checks issued by the state or one of its political
subdivisions;
Cashier's checks;
Teller's checks or other official checks issued by a
financial institution and drawn on or payable through a financial
institution within the same Federal Reserve check processing region
as the location of the settlement agent; or
checks issued by a federal government instrumentality
organized under the Farm Credit Act of 1971 (i.e. credit unions).
What is “Good Funds”?
The Residential Closing Funds Distribution Act of 2005 took effect September 1, 2005. It ensures that checks disbursed are backed by good funds at the time of closing.
