How is the title company chosen?
It is standard in our County for the Seller to choose the Escrow, Title and Closing Agent; however, this can be a negotiable term of the Contract.
If I am paying for the title insurance, how should I go about selecting a title company?
Experience, credibility, attentiveness and customer service are very important qualities to consider.
What is the difference between an attorney owned and managed title company versus other title companies?
Superior Title & Closings is not just an Attorney owned entity. We are owned by two attorneys who have a combined experience of over 30 years. Both Attorneys are onsite and always available to assist in overcoming any arduous obstacles and getting a transaction closed. They are able to perform duties that a non-attorney owned title company can. Such duties include preparation of the Contract, preparation of any necessary contract addenda to meet the parties’ objectives, Lease with Option to Purchase document preparation, clearing title defects, preparation of corrective instruments and assistance in obtaining the execution, pre and post-closing occupancy agreements, loan document package preparation, and also consultations for necessary probate or quiet title actions to be commenced to clear title.
Why do I need title insurance?
Title Insurance protects one of the most, if not the most important purchase of your lifetime. Owning real property is quite a personal accomplishment. Assurance the property is yours is not an unreasonable expectation. Title insurance provides protection from any undiscovered interests in the real estate prior to the recording of the Deed. Title Insurance Policies are issued through our underwriter, Fidelity National Title Insurance Company,
What Are Common Hidden Risks that Can Cause A Loss Or Create An Encumbrance On A Title and be covered by title insurance?
Fraud, Improper legal descriptions, Adverse Possession, incorrectly executed or wild deeds, forgery of Deeds, releases and mortgages, forfeiture of real property due to criminal acts, encroachments on the real property, former mortgages which have not been satisfied, false affidavits of death or heirship, judgments found against a former property owner which attached to the property and need to be removed, undisclosed heirs, false impersonation of true title holder, executed documents under a revoked or expired Power of Attorney, deeds by minors, probate matters, deeds and wills by persons of unsound mind, deeds by persons misrepresenting their marital status, and defective acknowledgements due to improper or expired notarization.
Can There Be A Title Defect If The Title Has Been Searched?
Absolutely. Title defects or clouds can be missed during prior conveyances of the real estate. If you have title insurance, a claim can be made to clear the clouds or defects so you will then have a clean title to your real property.
If my lender gets title insurance for its mortgage, why do I need a separate policy for myself?
There are two types of title insurance: an Owner’s Title Policy and a Lender Policy. An Owner’s Title Policy protects the title of the real property from any prior defects and ensures the Owner has a clear title. A Mortgagee Policy protects the Lender and ensures the lien created by the Mortgage is in a first lien position. If the Mortgage is not in a first lien position, and if a foreclosure has to be commenced, the foreclosure can only foreclose out those liens that are inferior to the lien and not anything superior.
I’m selling my own home for sale by owner. Do I need title and closing services?
Absolutely. You can contact us to have the contract prepared. Once executed by the parties we will then be able to close the transaction as well.