The issuance of a Title Insurance Policy ensures that, as the owner, your title to your real estate is free and clear of any possible encumbrances and that you have clear title from the seller. A title insurance policy insures that you will stand protected from loss or damage as a result of any title defects.

 

COMMON DEFECTS COVERED ONLY BY TITLE INSURANCE...

 

• Undisclosed Heirs
• Fraud
• Forgery
• Mistakes in the public record
• Mental Incompetence
• Defective Deeds
• Name Confusion
• Marital Rights
• Execution by a minor
• Incorrect legal interpretations
• Tax or Bankruptcy

 

These risks can and do result in losses to the unprotected property owner. Often the financial loss can be disastrous. It is well worthwhile to investigate the benefits to be obtained through title insurance before you complete a real estate transaction.

 

There are two types of Title Insurance Policies:

 

OWNER'S POLICY

The Owner’s Policy is issued to the new Owner, guaranteeing the Title to the property they are purchasing is delivered to them without any title defects.

 

LENDER'S POLICY

The Lender’s Policy is issued when there is a Mortgage Lien to be placed on the property. It guarantees the Title to the property for which they are lending funds, is free and clear of any encumbrances. The Lender’s Policy is issued for the amount being mortgaged against the property.

 

IF A LOAN POLICY IS ISSUED, WHY DO I NEED AN OWNER'S POLICY?

 

A Loan Policy offers no protection to the owner. A claim may arise that does not jeopardize the lender’s interest, but may, cause a great loss to the owner.

 

WHAT ELSE DO I GET?

 

One of the largest benefits of Title Insurance is the obligation of the insurer to defend your claim against the claims of others. A neighbor may claim rights to a portion of yours. Without Title Insurance, you would bear the cost of settling this dispute through the courts, regardless of the validity of the claim.

 

HOW LONG AM I PROTECTED

 

In a word... forever. You and your heirs are protected for as long as you or your heirs own the property.

 

HOW MUCH DOES TITLE INSURANCE COST?

 

Fees for Title Insurance in the State of Virginia are regulated and can easily be calculated on a Rate Schedule. Please call us for a quote.

The Rate Schedule is used to figure either the Lender's or the Owner's Policy, whichever amount is higher. The other policy if issued simultaneously is $75.00.

 

REPORT OF TITLE

 

Title reports, if title insurance is not required, may be issued after a title search. A report of title discloses the results of the examination of title and certifies as to record owners, unreleased mortgages, liens, and other encumbrances, such as unpaid taxes and special assessments affecting the title of real estate

 

The major advantage of title insurance is that it protects against loss for some defects not revealed by a report of title. A report of title is merely a history of the title as disclosed by the public records.