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Frequently Asked Questions

 

What is Title Insurance?

  A title is the evidence that verifies one has right to possession of land. Title insurance plays a major role in making certain that your home ownership is free and clear of any rights or claims of prior owners. Title insurance protects the homeowner and the mortgage lender from potential risks associated with defects in title.

Why Do I Need Title Insurance?

  Title insurance is necessary to protect against those risks which are present in all real estate transactions. Hidden hazards which cannot be detected in the examination of title, can be forgery, incompetence of grantor or mortgagor, fraud, Adverse possession, unknown heirs, impersonation, prior taxes or liens. These are just to name a few.

How do I know that Historic Abstract is the right consulting agency for me?

  Many people may attend the closing: Aside from the buyer and their real estate agent, the seller (or builder) and their real estate agent a loan officer, and your settlement officer, there may be lawyers and family members at the settlement table. During the meeting, which usually takes about an hour, the buyer and the seller review all of the relevant closing papers, many of which must be signed. Then after the buyer provides a cashier's or certified check for the balance of the down payment and closing costs, the keys are passed from the Seller to the Buyer and the proceeds are given to the seller. Historic Abstract provides a copy of the important settlement papers, and if desired, we can scan and PDF the papers digitally, for your proper record keeping.

How Much Does Title Insurance Cost?

  Title insurance is directly related to the value of the property. The higher its value, the more coverage is needed. The premium is small compared to the total purchase price. The premium is paid only once and remains in force for as long as the property is owned by the insured.