Info Please

Here’s what you can expect from us in terms of documentation from the moment you request a policy with us until the legally binding policy is issued:

1. Preliminary Report

• The estate or interest covered.
• The current owner of the estate or interest.
• The parcel of land involved.
• Exceptions, liens, restrictions and other risks which will not be insured against if a title policy is issued.
• Other requirements and provisions which are reflected as notes in the Preliminary Report which are removed when an actual title policy is issued.

2. Commitment

• A binding commitment to issue an insurance policy subject to the requirements being met. The list of exceptions are those items that will not be covered by the insurance policy.

3. Pro Forma

• Preview of what the requested policy, as requested, will look like. Underwriting issues have not been completed at this point. This document is not binding upon the insurer.

4. Policy

• Final and binding contract of indemnity between named insured(s) and the Title Insurance Company.

A title insurance policy entitles homebuyers and lenders to protection from financial claims relating to the property of interest. These financial claims can be in the form of back taxes owed, undisclosed liens, legal judgments, forgeries, fraud , and a myriad of potential legal/financial problems that can arise when taking ownership of a property.

A title company performs an exhaustive search of public records to identify and remove liens and encumbrances on property. Unlike most other disaster insurance policies, most of the title insurance premium goes towards eliminating potential problems before the close of escrow. And unlike most other insurance policies, consumers pay only once for title insurance – there are no monthly premiums – for coverage that lasts as long as they own the property.