Title Services for Buying a Home | Real Estate Services Company

– Title insurance protects the buyer if an error is made during escrow that causes the title to be flawed.
– Title services ensure that any previous owners have officially transferred their ownership to the buyer so they can share it with their bank.
– Title attorneys specialize in real estate law and can help answer questions about title issues. – Title insurance protects property owners from financial loss due to defects in the title.
– It covers errors or omissions made by sellers, buyers, and agents who prepare closing documents, as well as unpaid mortgage debt still owed on a property.
– There are two types of title insurance coverage: Basic Coverage and Additional Coverage.
– Title insurance is needed to protect against title defects when purchasing real estate.
– There are two types of title insurance policies: a lender’s policy and an owner’s policy.
– The owner’s policy is required for a conventional loan with a down payment, while a lender’s policy is required for cash or non-conventional funding methods.
– Title insurance can be canceled once the real estate transaction is complete, saving the owner money. 1. Title insurance policy coverage typically begins at closing and is required by lenders.
2. In most states, title insurance coverage lasts for one year from the closing date.
3. The policy can be cancelled earlier if the home is sold before the one-year mark.
4. After the title insurance policy expires, lenders may require additional documentation to prove ownership of the property.
5. If acceptable proof is not provided after the title insurance policy expires, sellers could be liable for any later claims.

Title Services for Residential Purchase Transactions