Title Insurance

WHAT DOES A TITLE COMPANY DO?

Think of a title company as the final destination on the real estate transaction road. We oversee the interests of all parties – buyers, sellers, lenders, real estate agents – and coordinate the transfer of money and property at the time of closing. Prior to settlement, the title company will research the ownership of the property (title examination) to determine that the title is free of any liens or claims. At the settlement table, the title company collects and distributes funds and issues title insurance.

WHAT IS TITLE INSURANCE AND WHY DO I NEED IT?

Title insurance protects you, the property owner, and the lending institution that handles your mortgage from unforeseen claims that may arise against your property. The title insurance provides protection from financial loss and payment of legal costs associated with title claims.

YOUR TITLE INSURANCE POLICY PROTECTS YOU

  • From Additional Hazards Which May Be Revealed In The Land Records Incorrect marital status of owner
  • Deeds, wills, and trusts that contain improper vesting and incorrect names Transfer of property by a mentally incompetent person or minor
  • Property line disagreement (i.e. a neighbor builds a fence on your property) Confusion due to similar or identical names
  • Outstanding mortgages, judgments, and tax liens
  • Easements
  • Incorrect notary acknowledgments
  • A forged deed that transfers no title to real property
  • Previously undisclosed heirs with claims against the property Instruments executed under expired or fabricated Power of Attorney Mistakes in the public records

PRE-SETTLEMENT CHECKLIST

  • Fax or email legible sales contract to Home First Title Group.
  • Advise Home First Title Group if the seller(s) are out of the area and require documents to be sent prior to closing for signing.
  • If either buyer(s) or seller(s) will be using Power of Attorney, advise both lender and Home First Title Group. Bring original to closing.
  • Advise Home First Title Group of the commission split, deposit and / or documentation / administrative fees to be collected.
  • Fax any unpaid invoices (e.g., plumbing repair, window repair, etc.) to Home First Title Group to be included on HUD-1.
  • Remind buyer(s) to bring certified / cashiers check payable to Home First Title Group as well as homeowner’s insurance binder and paid receipt.

SERVICES & TOOLS

Our experienced staff provides assistance in a full range of services, including:

  • Purchase/Sale Closings
  • Refinance Closings
  • I.R.S. Section 1031 Like-Kind exchanges Construction Permanent
  • Commercial Settlements
  • Foreclosures / Short Sales
  • Chain of Title (50 years)
  • Signing Services For Out-Of-Area Transactions Escrow Closing For Purchasers, Sellers, Refinances And Equity Loans

Basic Vs. Enhanced: Compare Policies

Coverage Enhanced Limited
A third party claims interest in title X X
Improperly executed document X X
Pre-policy forgery, fraud or duress X X
Defective recording of documents X X
Undisclosed restrictive covenants X X
A lien on your title because:
a. a security deed
b. judgement, tax, special assessment or
c. a charge by a home owner’s association
X X
Unmarketable title X X
Mechanics’ liens X
Forced removal of structure because:
a. it encroaches onto another property or an easement
b. it violates an existing zoning law*
c. of violations of a restriction in Schedule B
X
Land cannot be used for a Single Family Dwelling
(SFD) because use violates a restriction in Schedule B
or a zoning ordinance.
X
Unrecorded easements X
Pays rent for substitute land or facilities X
Rights under unrecorded leases X
Plain language X
Building permit violations* X
Compliance with Subdivision Map Act, if any* X
Restrictive covenant violations X
Discriminatory covenants X
Covenant violation resulting in reversion X
Violations of building setbacks X
Enhanced marketability X
Access – Enhanced vehicular and pedestrian access X
Map, if any, not consistent with legal description X
Post-policy forgery X
Post-policy encroachment X
Post-policy damage from minerals or water extraction X
Post-policy living Trust Coverage for Trustee X
Post-policy living Trust Coverage for Beneficiary X
Post-policy automatic increase in value up to 150% X
Post-policy adverse possession X
Post-policy cloud on title X
Post-policy prescriptive easement X
Boundary walls and fence encroachment* X
Insurance coverage forever X

* Subject to a deductible and maximum indemnity liability, which may be less than the policy amount. Note: You may change your type of coverage anytime prior to closing.