Owner Policy of Title Insurance
- Just as lenders want security with their loan policy, buyers should also want to protect their investment with an owner’s title policy.
- For a, one-time, premium you can receive an owner’s title insurance policy that will protect your property against hidden risks or undiscovered interests.
An owner’s policy provides:
- Protection from financial loss due to covered claims that may be asserted against the title to your property, up to the face amount of the title policy.
- Payment of legal costs in the event that the title insurer needs to defend your title against a covered claim.
- Payment of successful claims against the title to your property covered by the policy, up to the face amount of the policy.
Peace of Mind
Title insurance adds security and peace of mind to your ownership. Remember that policies issued by Hill Country Titles help prevent the potential loss of your property due to the above causes, as well as many others. If you have any questions about title insurance, the experts at Hill Country Titles are here to help.
Owning real estate is one of the most precious values of freedom enjoyed in this country. When you decide to buy any type of property, title insurance helps ensure the property is yours and that no one else has liens, claims or encumbrances other than those disclosed or arranged by you (including a mortgage).
If you plan to buy or sell property, having a title insurance policy protects your transaction and provides peace of mind to everyone involved.
The Basic Steps
Once you decide to buy a home, what happens next?
First, your loan application needs to be approved. After the lender completes a credit check on you, they will obtain an appraisal and order a survey of the property. Legal documents are then prepared for signature by buyer and the seller, including a new deed, note and mortgage. The title to the property is also checked to identify any debts owed against the property and confirm the current legal owner.
Finally, when all things are in order, the settlement (or “closing”) takes place. The seller will sign the new deed conveying the property to you, and you will sign a new note and mortgage. The old loan on the property is then paid off and the new loan set up. The seller, realtor, attorneys, title company and others performing services for you are then paid. And finally, the title insurance policies are issued to you and your lender.