What is Title Insurance?Title insurance is a requirement of virtually every lender before it will lend money to buy or refinance a home. The consumer pays for it at closing. Typically your realtor, attorney, lender, or other settlement service provider orders your title search and title insurance on your behalf early in the closing process, often without your knowledge. By selecting ENTITLE DIRECT you control your closing by ordering your title search and title insurance directly from us.
To avoid confusion and the possibility of another individual ordering a title search and title insurance on your behalf without your knowledge, please register with us during your home search process and contact an ENTITLE DIRECT Closing Specialist immediately upon finding a home or deciding to refinance. Your ENTITLE DIRECT Specialist will review your transaction with you and discuss with you the appropriate time to place your title search order. Also, please be sure to provide your real estate agent, attorney, or lender with a copy of your Certificate of Entitlement to let them know that you are utilizing ENTITLE DIRECT for your title insurance needs. You may click here for a copy of your Certificate of Entitlement.
Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands probably went through many more. A weak link could emerge to cause trouble at any point in that chain. For example, someone along the way may have forged a signature when transferring a title, or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems, subject to the terms and conditions of the policy.
Some common examples of problems covered by title insurance include:
- Improper execution of documents.
- Mistakes in recording of legal documents.
- Mistakes in the indexing of legal documents.
- Mistakes in legal descriptions of property.
- Forgeries and fraud.
- Undisclosed or missing heirs.
- Unpaid taxes and assessments.
- Unpaid judgments and liens.
- Unreleased mortgages.
- Incorrect interpretation of wills.
- Mental incompetence of grantors of property.
- Impersonation of the true owners of the land by fraudulent persons.
- Fraud in securing essential signatures.
Enhanced Policy include:
- Post Policy Forgery and Identity Theft.
- Building Permit Violations of Previous Owners.
- Violations of Restrictive Covenants.
- Inability to Access the Property.
- Zoning Law Violations.
There are two general types of title insurance. One is a lender's policy, issued in the amount of the borrower's mortgage loan. It protects the lender up to the amount of the outstanding balance of the mortgage if a title claim is made. If you are financing the property with a lender they will typically require that you purchase a lender's policy of title insurance. Lenders also require borrowers to purchase title insurance each time they refinance. ENTITLE DIRECT provides significant discounts on title premiums for refinance transactions. As a result, your savings are magnified by using ENTITLE DIRECT for both your home purchase and all subsequent refinances.
The other type of title insurance is an owner's policy that provides coverage up to the purchase price of the property. An owner's policy is normally purchased with a lender's policy as part of a purchase transaction. ENTITLE DIRECT offers both Basic Owner's Policies and Enhanced Owner's Policies. Our quote calculator will show you the premium for a Basic Owner's Policy. If you are interested in an Enhanced Owner's Policy, please contact our Specialist Center too free at 877-936-8485 for a free, no-obligation quote. They can also answer any questions you may have regarding the title insurance for or settlement of your upcoming transaction.
While you may find it difficult to obtain samples of title insurance policies from our competitors, ENTITLE DIRECT makes it easy for you. Please click the policy type for samples of the Basic Homeowner's Policy, the Enhanced Homeowner's Policy, or the Loan Policy that EnTitle Insurance Company offers.
Depending on local custom and/or any agreement made between the buyer and seller of the property, title insurance can be either paid for by the buyer or the seller. In certain areas there are situations where one party will pay for the lender's title policy and the other will pay for the additional amount required to purchase an owner's policy. Our Specialist Center will discuss this with you and will make sure that you obtain the best rate combinations.
Whether you are buying, selling, or refinancing, you are Entitled to significant savings when you buy your insurance from EnTitle Insurance Company. If you have any questions about title insurance in general or about how ENTITLE DIRECT is different please contact one of our ENTITLE DIRECT Closing Specialists at 1-877-9ENTITLE (1-877-636-8485).