Questions About Title Insurance | Crossland Title, Inc. in Maryville
The process of buying a property can be a daunting task for anyone. One crucial aspect of purchasing a home is title insurance. Most people may not know what title insurance is or why it is necessary. At Crossland Title, Inc. in Maryville, we understand that this is a confusing aspect of real estate transactions. So, we’ve compiled a list of some of the most frequently asked questions that we’ve received from our clients and answered them for you.
What is Title Insurance?
Title insurance is a form of indemnity insurance. This insures against financial loss from defects in title to real property. Titles may have hidden risks or defects that could compromise your ownership of the property. Title insurance protects buyers from potential losses and is required by lenders to protect their interests. There are two types of title policies: Owners and Lenders. A lender’s policy is required by all institutional lenders, while an owner’s policy is optional.
How Much Will My Closing Costs Be?
Closing costs are determined by your settlement agent or attorney. A loan estimate is also given to you by your lender, which can be an estimate of the closing cost. These costs vary depending on the service providers in your transaction.
What is a Title Defect?
A title defect is any issue that affects the ownership of your property. It may include an unsatisfied mortgage, lien, judgment, or any other significant encumbrance on the property. A title defect may prevent the buyer from obtaining clear ownership of their property.
Can I Choose My Title Insurance Company?
Yes. As a buyer, you have the right to choose your own title insurance company. However, your lender may require that you use their preferred title insurance provider. It is best to confirm with your lender whether they have any preferred providers or not.
How Long Will My Title Insurance Policy Last?
An owner’s title insurance policy lasts as long as you or your heirs own the property. It protects as long as you or anyone has an interest in the property. A loan policy only covers the lender’s interest in the property and lasts until the loan is paid off.
Crossland Title Inc.
At Crossland Title, Inc. in Maryville, we strive to provide all our clients with comprehensive services to ensure the smoothest possible property purchase transaction. We understand that buying a property can be stressful, so we’re here to assist you with any questions you may have. If you ever need experienced and reliable title insurance services, feel free to contact us today.
