Q. Why is Title Insurance also called an Owners Fee Policy? A. Title insurance is a policy that protects an owner against losses arising through defects in the title to real estate owned. Title insurance is unique in that it protects against losses arising in the future from what has happened in the past. The Owners Fee Policy issued in the form established by the American Land Title Association insures not only those matters disclosed by the public records, but also insures against those matters not included in the public records, such as fraud, forgery, missing parties, etc. to which the owner has no knowledge. Q. Why Buy Title Insurance? A. Before purchasing a property, it is important to know the status of the title. A complete examination of the title will disclose such information as unpaid taxes, liens, easements, restrictions, and more. Q. What is Escrow? A. Escrow is a transaction wherby a third party carries out the instructions of the buyer and seller according to the terms of a Purchase Agreement. Q. What does an Escrow Officer do? A. An escrow officer will receive/account for funds, request payoff statements from existing mortgage holder, receive/hold seller's deed, lien releases, re-conveyances & similar instruments, receive/review buyer's documents, determine when transaction is able to close, record deed & other documents in public records, through title company, disburse funds to proper parties, secure new title insurance policies, and deliver documents to appropriate parties. Q. What are the fees? A. Fees are are based on the terms of the purchase agreement. Contact our office for more detailed information. |
