NTSG TITLE
Two Types of Title Insurance.
There are two basic kinds of title insurance:
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Lender's Title Insurance
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Owner's Title Insurance
Even the most thorough title search can miss critical pieces of information by either error or it simply not showing up in the title search. As the new property owner, you’ll be responsible for any claims and legal fees if you’re not insured. Title insurance provides you with much-needed protection, security and peace of mind.
Lender's Coverage
based off loan amount.
Virtually all lenders require lender's title insurance as security for their loan to your real estate. When title insurance is provided, lenders are willing to make mortgage money available, but that only protects the lender’s stake in the property — not your investment.
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Required to be paid by buyer.
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Lender's understand the importance and rarely ever leave anything up to chance.
Owner's Coverage
based off purchase price.
Owner’s title insurance lasts as long as you or your heirs have an interest in your property, and protects your equity in the property up to the amount of your purchase price. In Virginia the purchaser pays for their owner’s policy. Some common examples of problems covered by title insurance include:
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Undisclosed liens
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Fraud
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Possible lawsuits
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Undiscovered easements
Don't lose your home. For a one-time premium paid at the close of the escrow title insurance ensures you own one of your biggest investments free and clear of any liens, encumbrances, claims by people to your home, or other defects to the title of a property missing from a title search.
Title insurance is important.
Really important.
Title Insurance safeguards against potential losses that may arise due to liens, encumbrances, or defects to a property's title. When issuing a mortgage loan, lenders often mandate a title insurance policy. Property owners have the choice to buy a policy to secure their interests.
Secure your interest.
In Virginia, owner's title insurance fees are non-negotiable, and based off the purchase price. You can pick between standard or enhanced (EAGLE) coverage.
Ask your title agent for the best coverage for you
A title search researches public records and legal documents for events that could affect clean property ownership. But it’s not a perfect process since a title search will not uncover that a valid deed was indexed improperly in the land records or unrecorded documents.
Traditionally the buyer pays for their title insurance. Sellers may pay for your title insurance as part of negotiations, but this is rare.
Your title insurance policy lasts for as long as you or your heirs own the property, with no annual renewals or monthly fees - just one simple premium paid at closing.
Upon the opening of a title order by the escrow officer or lender, a title search is initiated by the title agent or attorney. The customer is provided a Preliminary Report for review and approval. The closing documents are recorded under escrow's instruction, and upon confirmation of the recording, demands are paid, funds are disbursed, and the final title insurance policy is issued.
Buyers and lenders require title insurance to protect against title defects. There are two types: lender's policy, covering the lender's interests, and owner's policy, purchased at closing, providing coverage for the homeowner. The owner's policy comes in two types: one covering defects until the deed is recorded and the other offering extended coverage after recording. The latter covers additional risks and protects the investment for as long as the owner or heirs possess the property.
Owner's title insurance is optional! But it is highly recommended because it helps protect your entire purchase price paid for your property, and you cannot obtain it post settlement.
Title Insurance Simplified.
The title to a property serves as proof that the owner has legal possession of the property in question. We want to help you protect your title and make sure the amount you paid for it is secured.