What is a Title Company?
Title companies generally act as the combined agent of the insurance company, the buyer, the seller, and any other parties related to a real estate transaction, such as mortgage lenders. The title company reviews title, issues insurance policies, facilitates closings, and files and records paperwork. As a buyer you may choose any Title company/Settlement Service you wish. If you need a recommendation, we will happily recommend a company that we use on a regular basis and we have had many successful transactions with. Click Here for companies we recommend.
What is Title Insurance?
Title insurance is an insurance policy that protects property owners and their lenders against losses related to the property’s title or ownership. Title insurance minimizes the risk to the purchaser of acquiring property with an unknown legal history.
Title insurance is issued for a one-time fee, usually due at the time of closing or settling a real estate transaction, and is based on the price of the property.
Title insurance coverage lasts as long as the insured or their heirs hold title to the property.
There are two types of owner’s title insurance available: standard or enhanced. The enhanced owner’s policy costs 20% more because it covers extra risks, including pre- and post-policy issues. The enhanced policy coverage will automatically increase by 10% in value each year, for the first five years. You can find the differences between the two policies in the Home Buyers Guide
Do you want a Survey?
A survey is a drawing of the property that shows the boundaries and easements. The survey typically comes in two forms:
Shows the property lines and locates improvements on the lot using the legal description and any recorded easements. This is usually required from the lender as well.
Surveyors physically place stakes at the property and provide a drawing based on their measurements.
As your agent, we will have whatever title company you choose provide wiring instructions directly to you.
CYBER-CRIMINALS are constantly looking for new victims to wire them commissions, sales proceeds or deposits. Real estate transactions are especially vulnerable. Here’s how you can help guard your money:
CALL BEFORE SENDING ANY WIRE
Call your title company initially. Before sending funds, call them at a number you know is accurate to verify the instructions. Do not use the phone number in an email – even if the email looks like it is from them.
Call your title company if you are suspicious. Be wary of any email or phone call asking for money early or part of the money needed to close. Don’t trust an email or phone call that changes, updates or is “re-sending” wire instructions – call a number you know is accurate if you are suspicious.
Call your bank. After talking to your title company, talk to your bank to confirm it has the correct information. CALL AFTER SENDING
Call your title company after sending them your money. Call them to make sure they received. It may take some time but staying in touch is the best way to be sure there is not a problem.
ACT QUICKLY IF SOMETHING SEEMS WRONG