Escrow and Title are a big part of the transaction process when you buy and sell a home. One thing you get when buying a home is Title Insurance. Here's why...
Thanks to our good friends at Old Republic Title Company for helping explain today's Tip Tuesday! If you'd like more information on this subject, find their contact information below!
Title Insurance: Owner’s title policy insurance protects your property rights for as long as you or your heirs own your home. In essence, by acquiring your policy, you derive the important knowledge that recorded matters have been searched and examined so that title insurance covering your property can be issued.
What does title insurance insure?
Title insurance offers protection against claims resulting from various defects (as set out in the policy) which may exist in the title to a specific parcel of real property, effective on the issue date of the policy. For example, a person might claim to have a deed or lease giving them ownership or the right to possess your property. Another person could claim to hold an easement giving them a right of access across your land. Yet another person may claim that they have a lien on your property securing the repayment of a debt.
What protection am I obtaining with my title policy?
A title insurance policy contains provisions for the payment of the legal fees in defense of a claim against your property which is covered under your policy. It also contains provisions for indemnification against losses which result from a covered claim. A premium is paid at the close of a transaction. There are no continuing premiums due, as there are with other types of insurance.
Click HERE for a FREE Download | Owner's Title Policy in Action
Manuel Ipong
Account Executive
Direct: 831.784.5214 | T: 831.757.8051 | C: 831.262.2098 | Shoretel: 48203
Old Republic Title | Old Republic Insurance Group
584 S. Main St. | Salinas, CA 93901
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Hi, we're Chantel Henson and Betty Stringer and we'd love to assist you. We are a mother-daughter team, committed to assisting you with your Real Estate needs! Providing you with Local Real Estate updates and advice for Monterey, Santa Cruz, Santa Clara, & San Benito County's real estate market for over 24 years.
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Chantel Henson & Betty Stringer
Broker/Owner & Broker Associate
Realtors®
DRE # 01271580 & 02042438
[email protected]
VANCO Real Estate Executives
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***Disclaimer- A Realtor has a fiduciary duty to Buyers and Sellers individually. Our goal is to have a strong knowledge base of contracts. However, we are not Real Estate attorneys. Please contact a Real Estate attorney for more information about how to protect yourself from liability and Real Estate contracts affect you and your situation directly. Also, to get the most accurate and up to date information on Escrow and Title, please contact your local office.***