MYTH: Title Problems hardly ever happen.

FACT: ONE out of every THREE title searches reveals a problem with the title.

 Home-buyers may often wonder why they need Owner’s Title Insurance. As they rarely hear about claims, they assume it is an unnecessary expense. However, the fact is that 36 % of title searches reveal issues that are difficult, and sometimes costly to repair. Although these defective issues may result from past events such as divorce, tax liens, mortgage liens, mechanical liens or judgments, they could cost the new buyers money – or worse, affect their right to property ownership.

Unlike other types of insurance, which provide financial coverage in a future disaster, title insurance emphasizes loss prevention by finding and resolving title issues to avoid closing delays.

An Owner’s Title Policy will ensure that:

  • Potential problems are identified before the property changes hand
  • Problems are remedied that could keep the new owner from having clear title.
  • Unforeseen problems, not found during the search, are covered after closing.

MYTH: Title Insurance costs too much.

FACT: A one-time fee is all a homeowner needs to pay in order to protect themselves, for as long as they own their home.

As Owner’s Title Insurance Policy costs relatively little, yet it provides your client with security they can’t get anywhere else. It assures homeowners that should a title problem arise after they purchase their home, Chicago Title will stand behind them, both monetarily and with legal defense. This protection lasts for as long as the homeowners (or their heirs) own the property. There are no additional or hidden fees, no termination date and no time limitation on filing claims.

Someone somewhere, is buying or selling a home every day. Behind the scenes are people like us – detail-minded professionals who conduct in-depth searches to find and remedy any problems for the seller, buyer or lender. We look for the problems and make every effort to resolve them, so the deal can close and the buyer can move in with peace of mind.

OUR ROLE IN A REAL ESTATE TRANSACTION

The role of the title company is to search for and examine public records and investigate all information surrounding title to the property. The facts that are uncovered during the initial search will determine:

  1. That the seller is, in fact, the legal owner of the property which also protects against fraudulent deeds.
  2. That the “estate” or degree of ownership being sold is currently and accurately vested with the seller.
  3. The presence of any unsatisfied liens which must be satisfied before “clear title” can be conveyed.
  4. Existing restrictions, easements, right of way or other rights granted to others who are not owners which may limit the right of ownership.
  5. The status of property taxes and other public or private assessments.

These facts will be presented in a preliminary title report. This report is issued to the purchaser before the close of escrow. The title company is involved in the real estate sales transaction almost from the initial purchase agreement to well past the close of escrow. We work closely with all parties to ensure a smooth transaction.

As the largest Title Company in the nation, Chicago Title is committed to your success and has the resources to help!  Please don’t hesitate to contact us with any questions you have.