Our Services for Homeowners
This is the fourth post in our series "Who is Alpha-Omega Title?". We have dedicated a portion of our website to this topic -- you can view that by clicking on the following link! http://www.alpha-omegatitle.com/Homeowners.Shopping For Title Insurance
When you purchase your home, how can you be sure that there are no problems with the home's title and that the seller really owns the property? Problems with the title can limit your use and enjoyment of the property, as well as bring financial loss. That is what a title search and title insurance are for. Consumers are free to shop for title insurance and to select a title company to conduct their closing. Many consumers rely on their real estate agent or lender for a recommendation for a title company since they are in a position to know which companies provide good service.
Types of Title Insurance
Knowing what you are asking for is your first step in shopping for title insurance rates. There are two kinds of title insurance: the Loan Policy, which protects the lender's investment, and the Owner's Policy of Title Insurance, which protects the buyer's interests. If you are obtaining a loan to purchase your house, the lender will usually require that you purchase a Loan Policy to protect their investment. We strongly encourage consumers to obtain an Owner's Policy for a one-time fee paid at closing to protect their interests.
Settlement Agents
Closing the sale of your house or business is easy, if you chose the right title company. Title companies, or any settlement agent who performs a closing, are involved in a multitude of activities involved in a closing.
A settlement agent glues together the process of the sale, working with both the buyer and the seller in the transaction. They research the title, making sure there aren't any liens on the property, pay the seller and the old lender, obtain money from the buyer and new lender, obtain recording fees and taxes for the government, and file the paperwork at the local courthouse. In effect they orchestrate the settlement from start to finish.
The Owner's Title Policy
Sometimes title problems occur that could not be found in the public records or are inadvertently missed in the title search process. To help protect you in these events, it is recommended that you obtain an Owner's Policy of Title Insurance to insure you against the most unforeseen problems. An Owner's Policy provides assurance that your title company will stand behind you - monetarily and with legal defense if needed - if a covered title problem arises after you buy your home.
The Loan Policy
Most lenders usually require a Loan Policy when they issue you a loan. The Loan Policy is usually based on the dollar amount of your loan. It only protects the lender's interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off.
Contact us for more information --
Alpha-Omega Title Services, Inc.
14001 North Dale Mabry Highway
Tampa, FL 33618
813-963-3009 (office)
813-963-5336 (fax)
lwilson@alpha-omegatitle.com
[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.]
