What is Title Insurance and why do I need it?
When purchasing any type of real estate, a title insurance policy is needed/ required to protect the buyer from past issues related to the property. These title defects could include outstanding liens, insufficient deed transfers, prior owner’s debt or other claims of ownership that may have been established prior to the sale.
There are two types of policies:
• Lender Policy – required by a mortgage lender to protect their investment in the real property
• Owner’s Policy – protects the buyer against any possible title defects and remains in place as long the policyholder (or his/her heirs) has an interest in the insured property.
How much will Title Insurance cost me?
A one-time premium will be collected at the time of closing. The title insurance policy will remain in effect as long as buyer/owner has an interest in the insured property. You can find a general cost chart HERE or you can visit our Contact Us page to request specific title insurance rates.
What are Title Services?
Buying and selling a property can be a stressful process for all parties involved. A title company is an essential component in this transaction. The title company is a neutral third-party working to address all party’s needs and concerns during the closing process. They are there to ensure the purchase of the property goes smoothly by serving as:
• Escrow company to securely hold all funds from earnest money deposits to final payments
• Closing agent to coordinate and host the signing of all final documents
• Title agent to initiate a title search on the real property and establish if there is a clear title transfer
• Liaison for all parties involved including realtors, financial institutions and buyers/sellers
Lowe Title Services is a respected agent of First American Title Insurance Company, our sole underwriter for more than 14 years. First American is a celebrated provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889.