Did you ever wonder “What in the World is Title Insurance”? This is a common question we are asked by Purchasers, Sellers and Realtors in a transaction. Below is some information that will help answer that question:
What is Title Insurance?
Title Insurance differs from other categories of insurance. Auto, Homeowners, and Fire Insurance require you to pay annual premiums because, unlike Title Insurance, they expect you to make claims periodically throughout the life of the policy. Title Insurance, however, is risk elimination insurance, and requires that you pay a one time premium ONLY.
Risk Elimination
Title Insurance is designed to protect you from being subjected to any unforeseen surprises. The first step to guaranteeing your protection is a title search. By investigating all county records on your property, a title search can verify the seller’s right to transfer ownership, locate any claims, assessments, errors, or miscellaneous defects on the property and virtually eliminate the risk factor for the buyer.
Your Protection
Title Insurance is your safeguard. It can save you trouble, time, and money. It acts as a shield to guard you against potential claims brought against your property. If your ownership becomes threatened by any claim covered in your policy we will negotiate to settle the claim and if necessary defend your title in court.
Title Policy
After the recording, First American Title will issue you a Title Policy. Your policy will guard you against certain risks such as:
Errors: Incorrect information on deeds, public records, etc.
Liens: Unpaid mortgages, taxes, sewer and water assessments,.
Ownership: Outstanding spousal interests, or interests of missing heirs in an estate.
Invalid Deeds: Transfer by former seller who did not actually own the property, or who were not qualified to convey the property.
Why First American:
First American Title Company is one of the top leading title agents nationwide. At First American Title we have experienced Escrow Officers who specialize in all areas of the Real Estate market to guarantee you and your clients are provided with exceptional customer service.
Should you have any questions about title, escrow, or the closing process, please feel free to call me anytime. I am happy to help you in any way that I can.
Norma Giaquinto
Escrow Officer
505-881-3300 Office
ngiaquinto@firstam.com
http://sw.firstam.com/nm
Article contributed by Norma Giaquinto for http://www.BuyaHouseNewMexico.com visit our website for great savings from these home improvement companies:
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