Title Insurance
A Title Insurance Policy insures that a new buyer will receive title to the real estate free and clear of all possible encumbrances, and that any and all liens that were in the seller's name(s) have been released. The policy insures that a new buyer will stand protected from a loss or damage as a result of title defects. Title insurance provides protection against forged documents, mistakes in public records, fraud and incorrect property descriptions, just to name a few. The title company will provide a thorough search of the public records to reveal possible liens, claims, or encumbrances against the real estate.
There are two primary types of title insurance policies . . .
- The Owner's Policy-
The Owner's Policy is issued to the new owner or purchaser, guaranteeing that the Title to the real estate they are purchasing is free and clear of all liens, mortgages and judgements.. Covenants and restrictions, and any other recorded documents that may affect the use of the real estate, are revealed to the purchaser in the title commitment and policy.
- The Lender's Policy-
The Lender's Policy is issued when there is a Mortgage Lien to be recorded on the real estate. It guarantees that the title to the real estate for which they are lending funds is free and clear of all liens, except those that are noted in the title commitment and policy. Most lenders require title insurance policies to insure that their mortgage is the first lien on the real estate in the event they have to foreclose on the property someday.
Escrow Services
As an escrow agent, Guardian Land Title is a neutral third party who can carry out the instructions in a purchase agreement between the buyer and seller or the borrower in a refinance situation. We also handle all of the disbursement checks associated with the closing and record documents at the Courthouse for the public record.
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