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Frequently
Asked Questions |
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I
AM THE BUYER IN A REAL ESTATE TRANSACTION. WHAT DOCUMENTS DO
I NEED AT CLOSING? |
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I
AM THE SELLER IN A REAL ESTATE TRANSACTION. WHAT DOCUMENTS DO
I NEED AT CLOSING? |
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WHAT
IS TITLE INSURANCE? |
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AS
THE BUYER, WHY DO I NEED TITLE INSURANCE? |
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WHAT
PROBLEMS CAN BE REVEALED BY A TITLE SEARCH? |
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WHO
IS PROTECTED BY TITLE INSURANCE? |
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WHO
IS PROTECTED BY A TITLE INSURANCE POLICY?
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I
AM THE BUYER IN A REAL ESTATE TRANSACTION. WHAT DOCUMENTS DO
I NEED AT CLOSING? |
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As
the buyer, you should bring the following items when you attend
the meeting to
close the transaction: |
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I
AM THE SELLER IN A REAL ESTATE TRANSACTION. WHAT DOCUMENTS DO
I NEED AT CLOSING? |
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As
the seller, you should bring the following items when you attend
the meeting to
close the transaction. |
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WHAT
IS TITLE INSURANCE? |
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Owner's
title insurance fully protects the buyer should a problem
arise with the title that was not uncovered despite the most
thorough search of public records and the most careful escrow
or closing. Owner's title insurance also pays for any legal
fees involved in defending a claim to your title.
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AS
THE BUYER, WHY DO I NEED TITLE INSURANCE? |
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When
you buy a home, or any property, you expect to enjoy certain
benefits from ownership. For example, you expect to be able
to occupy and use the property as you wish, to be free from
debts or obligations not created or agreed to by you, and
to be able to freely sell or pledge your property as security
for a loan. You don't want problems from prior ownerships
to interfere with your rights to your property. And you don't
want to pay the cost of defending your property rights in
court. As the buyer, your owner's title insurance offers financial
protection against these potential problems by negotiating
with third-parties, paying claims and the legal fees involved
in defending the title.
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WHAT
PROBLEMS CAN BE REVEALED BY A TITLE SEARCH? |
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In
order to issue title insurance, the title company must search
public land records for matters affecting that title. Occasionally,
in spite of an exhaustive title search, hidden hazards can
emerge after closing. Some examples of items that can cause
a problem are: deeds, wills and trust funds that contain improper
information; outstanding judgments or tax liens against the
property; and easements. In addition, it is possible to discover
mistakes in the public record, previously undisclosed heirs
claming to own the property; or forged deeds.
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WHO
IS PROTECTED BY TITLE INSURANCE? |
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An Owner's Policy of Title Insurance fully protects the buyer
should a problem arise with the title that was not uncovered
during the title search.
A Loan Policy issued to your lender protects the lender against
loss due to unknown title defects. It also protects the lender's
interest from certain matters which may exist, but may not
be known at the time of the sale.
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WHO'S
PROTECTED BY A TITLE INSURANCE POLICY? |
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For
a one-time premium, an Owner's Policy of Title Insurance is
your best protection against countless potential title defects
that could deprive you of your ownership rights and the need
for you to incur substantial legal expenses if a defect in your
title arises. Similarly, a Loan Policy issued to your lender
protects its mortgage interest in your property by insuring
that its mortgage is a valid and enforceable lien. In the event
of a claim, Guardian Title will either correct the covered title
problems or will reimburse you and/or your lender for insured
losses up to the amount of the policy and will defend against
any lawsuit attacking the property as insured. |
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