FREQUENTLY ASKED QUESTIONS But my lender already requires title insurance. Won't that protect me? What does title insurance cost? How can a settlement agent help me? What if I decide not to get title insurance? What can South Central Home Settlements do for you?
[ back to top ] BUT MY LENDER ALREADY REQUIRES TITLE INSURANCE. WON'T THAT PROTECT ME? Not Necessarily. The lender's policy insures that the lender has a valid lien on the property. It does not protect you. An owner's policy is designed to protect you from title defects that existed prior to the issue date of your policy, such as previous improper estate proceedings or pending legal action, which could put your equity at serious risk. If a valid claim is filed, it also covers the full cost of any legal defense of your title. [ back to top ] WHAT DOES TITLE INSURANCE COST? The one-time premium is directly related to the value of your home, yet it continues to provide complete coverage for as long as you or your heirs own the property. It is usually less expensive than a year's worth of auto insurance. [ back to top ] HOW CAN A SETTLEMENTAGENT HELP ME? A Settlement Agent who works for, or with, a title insurance company, is the person who will conduct the closing, or settlement, of your new home. The Settlement Agent will explain each document to you, and can act in the place of an attorney. Our Settlement Agents are also qualified to do full title searches on the property you wish to buy. [ back to top ] WHAT IF I DECIDE NOT TO GET TITLE INSURANCE? Here is an example of what can happen if you do not purchase title insurance: You've just settled into your wonderful new home. It was difficult to make the $30,000 down payment, and then you had to take out another loan to remodel the kitchen. Two months later, you suddenly learn that a child born after the date of the seller's will is claiming his interest in your property. After an exhausting and expensive legal contest the child's claim is found to be valid. You've just lost your home, your down payment, and all of the money you invested in remodeling. [ back to top ] WHAT CAN SOUTH CENTRAL HOME SETTLEMENTS DO FOR YOU? We can participate in all phases of your real estate transaction to help you in dealing with the many individuals who are involved. We can explain the different documents and processes and we can draw up all of your real estate documents. Remember that your real estate agent does not represent you-he or she represents the Seller. An attorney should review any documents requiring your signature, and ours can do just that. We can also provide additional attorney services if the need should arise. We also provide title searches and title insurance. Our lawyers are trained and qualified to evaluate all of the legal implications that may arise as a result of the title examination and search. South Central Home Settlements can conduct your settlement proceedings, will help you to understand exactly what takes place, and will protect your interests both before and during your real estate closing. Nothing else guarantees a homebuyer's piece of mind quite like title insurance. [ back to top ] |