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1. What is title insurance?
a. Guarantees that you own what you
think you own
b. Informs you of any easements or restrictions
on your property
c. Addresses any liens against the property
d. Insures your lender that they (the
mortgagee) are in first lien position
The following are examples of liens,
which attach to the property:
Mortgages, municipal taxes, federal
taxes, homeowner association dues, judgments,
mechanics liens, bail bonds, institutional
liens, some sewer and water charges.
2. Who needs title insurance?
a. If you plan to get a mortgage on
your property, your lender will insist
that you get title insurance, it is
your responsibility to get this insurance,
b. As a potential homeowner, or commercial
property owner, you should have
this insurance.
3. Who orders title insurance?
a. The individual who is refinancing
or purchasing a home, or their agents
(lenders, realtors or attorneys).
4. Who conducts the closing?
a. Title Company
b. Attorney
c. Evident Title Agency, Inc. can offer
a combination of both
5. How much is title insurance?
a. A one-time state regulated premium
is paid at closing.
b. Based on the purchase price, or the
amount of the loan (for a refinance).
The premium is approximately $450.00
for 100K, or approximately $225.00 for
100K at refinance rate.
6. Tips on how to save money
a. Send us the previous owner's title
policy (for a purchase) at time of order,
you will save on searching costs and
you may qualify for the reduced reissue rate on
your title insurance premium (up to the original amount insured),
b. Obtain previous owners survey (for
a purchase) and you may save approx.
$300.00 to $800.00 in survey costs,
c. The reduced refinance rates apply
for a refinance up to the initial amount
of the open recorded mortgages.
7. Why Evident Title Agency?
a. A staff of title professionals with
many years of experience
b. Provide fast turnaround and accurate
reporting
c. Good communicators who are service
oriented
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