Protecting Your Best Investment

by Nick 30. April 2012 11:02

Check out this Link explaining the need for Owner's Title Insurance!


Does your Buyer need Owner's Insurance?

by Nick 29. March 2012 11:15

On a current closing, a former owner of the property (3 owners prior) had a common name with a common name lien.

His name is Bobby, and the lien is filed against a Robert. It is a Worker's Compensation affidavit of lien and the amount is not listed. It could be for $5.00 or $50,000, we don't know.

We cannot find the original Bobby to determine if this is him or is not, so the closing was ready to be postponed or canceled. Fortunately, the current owner has an owner's policy, and we are able to use that to close. NO DELAY.

The lesson: even if the previous title agencies miss a lien or ignore it due to an abbreviated title exam, if the buyer does not get the owner's policy, the buyer takes on the risk.  The title agency is only going to be liable if the buyer gets the owner's policy.

It was a good thing they bought the Owner's policy.


What should you know about....

by Nick 15. September 2011 11:19

In an effort to give a full understanding of the title and closing process we wanted to start a series of articles on the true definition of terms, as well as the features and benefits of various types of title insurance.

First we will look at Title Insurance.  Title insurance is usually required by the lender to protect the lender against loss resulting from claims by others against your new home.  In some states, attorneys offer title insurance as part of their services in examining title and providing title opinion.  The attorney's fee may include the title insurance premium.  In other states, a title insurance company or title agent directly provides the title insurance. 

Next time we will cover the benefits of an Owner's Policy