Why Title Insurance
In the wake of the sub prime mortgage crisis, even our Napa Valley real estate market has seen an increasing number of foreclosures.
In comparison with a traditional sale between a seller and a buyer, in a foreclosure sale it is the lender that is the seller.
With the lender being an institutional seller, it is more important than ever to obtain property reports and verify accurate ownership and lien information - in other words, get title insurance.
The actual answer to the question of whether or not you need title insurance is no. You can buy a property without purchasing insurance and there is no legal requirement that you must do so.
However, after looking at the risks you are exposing yourself to, as well as the potential legal consequences you may encounter, you will likely decide that the insurance coverage and peace of mind is well worth the expense.
If you have a loan placed on the property you are buying, the lender will require that there be title insurance coverage securing their interest in the property. Here are some of the general areas where you are provided recourse and protection by obtaining a policy:
• Title companies work in advance of issuing the policy to identify and eliminate title defects that may have been created in the past, thus eliminating potential risks.
• The title insurance offers protection against claims resulting from various defects that
may exist at the date of issue. This may include claimed interest by those other than the owner of record. The title can be impacted by divorce, death or other forms of divided or changed interest.
The insurance policy can protect you by affirming that the person acting as the seller is in fact the owner of the property - or has the legal right to sell the property.
• The policy will give a legal description identifying the land. It will also provide a tax statement indicating the existence of any assessment districts or other taxing authorities that you may not be aware of from the seller’s representations.
• Lien and tax obligations will be stated in the title report.
• If the seller is a partner, corporation, or acting for a deceased person or under a trust, it is the responsibility of the title company to insure that the seller has the proper authority to execute a deed and that the deed showing you as the new owner is properly prepared and recorded.
• Physical aspects to the property may be covered by your policy depending on the type and extent of coverage that you obtain. There can be improvements encroaching on your land from a neighbor property, water rights, mineral rights, access roads and utility easements or other specific inclusions or exclusions in your title policy. These items can be covered by your policy at the time of purchase
We have at least five excellent companies here in Napa, each providing excellent service. Ask your friends and real estate professionals for a recommendation. You can obtain title insurance and have the peace of mind and future security of knowing that your home is protected from past title defects and that it has been properly conveyed to you.
By Charles Bogue
Land Star Title offers real estate title insurance. As a Real Estate Title Insurance Company we can handle your refinances and purchases. Land Star Title prides itself on outstanding customer service and quality title and lien searches.
If you are looking for a Real Estate Title Insurance Company, title escrow services, real estate closing services, notary services, mortgage loan closing services, lender title services, Real estate title searches, real estate title insurance, real estate title commitments, real estate title insurance this Title Insurance Company is the right choice. Important information you should know about this Title Insurance Company is that we offer real estate title commitments in 24-72 hours, we immediately disperse funds at closing, with the ability to track title documents online and 24 hours a day 7 days a week customer service.
Our staff has been servicing the real estate title industry for over 20 years now. So when choosing a real estate Title Insurance Company, Land Star title should be your #1 choice. In most cases your home is your biggest investment so it should closed on by the very best real estate Title Insurance Company. If you need a real estate title insurance quote or a real estate title search, we can help! Land Star Title currently offers Title Insurance from Fidelity National Title which is our main Underwriter so you should feel confident in knowing that your title insurance policy is being underwritten by one of the major insurance companies in fact publicly traded on the NYSE.
Call Today! 888-772-1577 or fill out our real estate title insurance request form and one of customer service representatives will contact you within 24 hours.
Why Title Insurance News:
Financial System Braces for CRE Loan Melee (The Memphis Daily News):
As if the economy wasn’t in enough trouble, thousands of companies swimming in debt will see their commercial real estate loans reset in the coming ye....
Built On A Lie - The Fundamental Flaw Of Europe's Common Currency (Free Internet Press):
The euro is under attack like never before, as the promises on which it was based turn out to be lies. Hedge funds are speculating against Greek debt, while euro-zone politicians work behind the scenes to cobble together rescue packages.
Breitung halts Phase II of sanitary sewer project (The Iron Mountain Daily News):
QUINNESEC - The Breitung Township Board of Trustees on Monday voted to discontinue an application with U.S. Rural Development Loan Grant for Phase II of the sanitary sewer project. About 50 residents were in attendance at the two-hour meeting. After much discussion, the township will not be moving forward with Phase II of financing from Rural Development.
Canada could teach the U.S. a thing or two about banking (The Kansas City Star):
Not one — NOT ONE! — Canadian bank failed during the financial crisis. In the United States, nearly 200 banks have gone under.
Q&A: Title company agent finds rewards in job (Colorado Springs Gazette):
Sara Martin doesn’t buy or sell real estate, but she’s had a hand in thousands of deals over more than 30 years. As an account representative for Land Title Guarantee Co. in Colorado Springs, Martin works with buyers and sellers, real estate...
