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Title Insurance FAQ's

What is title insurance?
Title insurance is an insurance policy covering both the Homeowner and the Mortgage Holder against any restrictions or claims existing against their property.

Why do I need title insurance?
Title insurance protects the homeowner against loss from hazards and defects that exist in the title.

Why do I need title insurance if my lender already has it?
A lender's title insurance policy does NOT protect the owner's interest. An owner's title policy protects you from title defects which might allow someone to take your investment away from you. The policy lasts as long as you, the policyholder - or your heirs - have an interest in the insured property. This may even be after you have sold the property.

Why do I need title insurance if my lender already has it? A lender's title insurance policy does NOT protect the owner's interest. An owner's title policy protects you from title defects which might allow someone to take your investment away from you. The policy lasts as long as you, the policyholder - or your heirs - have an interest in the insured property. This may even be after you have sold the property.

What is a title search?
A title search is a comprehensive review of public records including tax records, federal, state and local records, court judgments, deeds and an evaluation of whether the property characteristics are accurately reflected by the information on the title.

What issues can a title search reveal?
A title search can determine if any liens or other encumbrances are attached to the title, such as recording errors, typographical errors, incorrect legal descriptions. A title search can also reveal whether there have been any claims against a property that may come from missing heirs or courtesy rights of spouses of former owners, even government or corporate entities.

Are there any issues a title search won't reveal?
Even the most diligent title search may not reveal "hidden hazards" such as fraud and forgery, defective deeds, mental incompetence, confusion due to similar or identical names and clerical errors in the records.

What is a HUD-1 settlement statement?
A HUD-1 settlement statement is a document that provides an itemized listing of the funds that were paid at closing. Those items include real estate commissions, loan fees, points, and initial escrow (impound) amounts.

How much does title insurance cost?
Title insurance costs vary, depending on the type of property involved. Also, many states set the rates for this coverage, and major lenders may be able to secure volume-based rates for their borrowers. Homeowners should always feel free to shop policy coverage and rates before making their final choice.

How long does my coverage last?
Title insurance coverage lasts as long as you or your heirs retain an interest in the property.

For further information about title insurance:

Contact Mary at: prestige@prestige-title.com or

425 Alexandria Boulevard, Suite 1000 (click for map)
Oviedo, Florida 32765
Phone: 407-365-1123
Cell: 407-496-7646
Toll Free: 866-365-1123
Fax: 407-365-3211

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