title insurance 101! · title insurance 101! the closing process an agent be present at closing to...
TRANSCRIPT
The Loan Policy is effective for the life of the loan. The Owners Policy lasts as long as you retain interest in the property or remain liable for any warranties on the title.
How long does Title Insurance last?
It allows you to be the legal homeowner, borrower against your property & ability to sell your home!
What’s Title Insurance?
What does the title agent do?
Overall!
It protects the homebuyeragainst title defectt such as:
The agent will research the property for any defects and issue a protection plan.
The agent alsosettles & resolves disputes!
A previous owners debti.e. unpaid utility bills or taxes
Claims of ownershipor missing heirs
Loans against propertyi.e. child support
Title Insurance 101!
The closing processAn agent be present at closing to issue the title policy & assist in finalizing the home sale.
The title company acts as an escrow agent (the 3rd party necessary to provide the transfer of funding to close on a property).
BUSINESS CARD HOLDER
title insurance is a 1 time feewith no on-going premium.
2 plans are issued:1 protects the homebuyer 1 protects the lender
Title defects are found in 25% of real estate transactions!
The closing process takes approximately 3 to 5 days.
The average cost of an Owners Policy is $3.50 per $1,000 of the sales price.
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Res/Title Inc.
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