What is a Title?
A title is the evidence,
of right, that a person has to the ownership
and possession of land. It is possible
that someone other than the owner has
a legal right to the property. If that
right can be established, this person
can claim the property outright or make
demands on the owner as to its use.
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Why
Do You Need It?
Buying a new home is one
of life's most gratifying experiences.
As you approach the big day of closing,
however, all the details can be a little
overwhelming. You might easily overlook
the single most important step in the
entire process — the purchase of
Title Insurance on the wonderful new home
of yours.
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Do
I need Title Insurance?
Most definitely! Title
insurance is a means of protecting yourself
from financial loss in the event that
problems develop regarding the rights
to ownership of your property. There may
be hidden title defects that even the
most careful title search will not reveal.
In addition to protection from financial
loss, title insurance pays the cost of
defending against any covered claim.
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What
can make a Title Defective?
Any number of problems
that remain undisclosed after even the
most meticulous search of public records
can make a title defective. These hidden
"defects" are dangerous indeed
because you may not learn of them for
many months or years. Yet they could force
you to spend substantial sums on a legal
defense, and still result in the loss
of your property.
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But
the lender already requires Title Insurance,
won't that protect me?
Not necessarily. There
are two types of Title Insurance. Your
lender likely will require that you purchase
a Lender's Policy. This policy only insures
that the financial institution has a valid,
enforceable lien on the property. Most
lenders require this type of insurance,
and typically require the borrower to
pay for it.
An Owner's Policy on the other hand is
designed to protect you from title defects
that existed prior to the issue date of
your policy. Title troubles, such as improper
estate proceedings or pending legal action,
could put your equity at serious risk.
If a valid claim is filed, in addition
to financial loss up to the face amount
of the policy, your owner's title policy
covers the full cost of any legal defense
of your title.
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How
much does Title Insurance cost?
The one-time premium is
directly related to the value of your
home. Typically, it is less expensive
than your annual auto insurance. It is
a one-time only expense, paid when you
purchase your home. Yet it continues to
provide complete coverage for as long
as you or your heirs own the property.
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When
should I look into purchasing Title Insurance?
Call us at (772) 569-4364
as soon as you and the seller sign the
earnest money contract. With a brief summary
of the details, our team of title experts
will begin a search of the public records
and issue a title commitment. Because
there are a number of steps we must take
to make certain that we know all we can
about the title, it is wise to get the
ball rolling as soon as possible.
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Can
Atlantic Coastal handle the closing?
Yes! Atlantic Coastal Title
Corporation can act as a central clearinghouse
for the parties involved — collecting
necessary documents, insuring adherence
to the lender's title instructions, making
arrangements for proper payment and distribution
of funds. We are fully prepared to work
with you from the beginning of your transaction
all the way through to conclusion. Call
us at (772) 569-4364 for any inquiries.
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What
items are needed at closing?
You will want to have these
items complete or in hand when you come
to the closing (please confirm with your
escrow officer, as practices vary by state):
BUYER:
