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Residential Title Insurance & Closings

Owning a home can sometimes seem overwhelming, but it’s one of the biggest investments you will likely ever make. That’s why it is so important to safeguard it. Having a title search completed and then investing in title insurance can give homeowners peace of mind.

Whether you are still looking for the perfect property, getting ready to sign the contract, or are in need of a title search, the title experts at Service Title Agency can help. 

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Residential Title Insurance from Service Title Agency

Understanding the Title Search

When you invest in a piece of residential property, a title search is performed. This is a thorough and diligent look at all of the public records and chain of title dating back to the property’s inception. 

 

A title search is a step that is taken to confirm that the seller actually has the authority to sell the property - and that there are no encumbrances on the title. Judgments and liens, for instance, can attach to the property. So if you take ownership of the property without addressing those judgments or liens, you now become responsible for them as the new property owner. 

 

Other title defects can include: 

  • Missing heirs

  • Forged or fraudulent documents

  • Easements

  • Encroachments

  • ​Unknown will 

  • Unpaid taxes

  • Erroneously recorded documents

  • Illegal deeds

Curing these issues may be a condition of closing - or it may halt the sale from moving forward at all. But should any of these get missed for one reason or another during a title search, title insurance can protect you in the future.

The Need For Title Insurance

Owner’s title insurance policies offer protection from risks such as unpaid liens, forgery, fraud, unpaid taxes, and unreleased mortgages.  A title policy is a one-time fee that is paid at closing and remains in effect as long as the owner and their heirs are in title. If a title defect arises after closing, you are protected. Simply file a claim with the insurance company. 

 

Without investing in an owner’s title insurance policy, you would be responsible for any legal or financial battle that ensues in an attempt to save your right to title. Are you required to purchase an owner’s title insurance policy? Not at all. Is it highly recommended? Absolutely. 

 

Another type of title insurance is known as a lender’s title insurance policy. This one, however, protects your lender. They are taking a risk by giving you a mortgage so they want to ensure they remain in the first lien position in case something goes awry. In order to do this, they make purchasing a lender’s title insurance policy a part of your conditions for closing. And, without it, your loan will not be funded. 

 

A lender’s title insurance policy is also a one-time fee paid at closing, except it only remains in effect until your mortgage is satisfied. It is important to note that a lender's title insurance policy will not protect your rights to your property. 

Why Service Title Agency? 

While meticulous process and care are given to each transaction, Service Title Agency gets buyers and sellers to the closing table without breaking a sweat. We understand just how excited you are about closing on your property, but we also know there is a lot involved in the process. 

 

We believe in: 

 

  • Open communication so that you always know what is going on with your title work and closing. 

  • Giving our clients flexible, convenient options whenever possible. 

  • Streamlining our processes so that you can close on your property and move into your new home sooner rather than later. 

  • Having a network of lenders, real estate agents, investors, attorneys, and more. 

  • Allowing our clients to have a stress-free transaction – throughout the entire process. 

Have more questions about title insurance and what to expect from us through the closing process?  Visit our FAQs