Q & A’s
Title Insurance is indemnity insurance that insures against financial loss from defects in title to real property and from the invalidity or un-enforceability of mortgage loans. It insures that you actually own your real estate or that a bank’s mortgage is properly filed and perfected against real estate.
There is no requirement that you purchase an owners title insurance policy insuring that you are the owner of the real estate you purchased. However, if somebody claims a lien or another form of ownership against the real estate, your real estate could be subject to this lien or claim. Title insurance protects the owner in this event. Additionally, if you are obtaining a loan to purchase real estate, your bank will require you to pay for lenders’ title insurance. At this point, should you have an owners’ policy ordered, the loan policy is typically greatly discounted.
Most Americans’ largest investment is their home. A relatively small commission based upon the sales price paid to a Realtor can help protect your investment. A real estate agent can guide you through the sometimes overwhelming process of listing, negotiating, contract preparation, inspection, insurance and borrowing. For these reasons, we recommend that you contact a realtor prior to attempting to buy or sell your home. Additionally, if you do not routinely deal in real estate negotiations and transactions, we recommend contacting a real estate agent for any other real estate sale or purchase.
Typically, escrow costs are paid at the closing date. If you are the seller and Tallgrass Title closes the transaction, we remove our fees from your proceeds from the sale. If you are the Buyer, the costs will be included in the amount paid at closing.
Real estate transactions can have many steps depending on the nature of the transaction, and closing is the last one. If all parties have agreed upon the transaction, we will close shortly thereafter.
In order to handle title insurance and a closing, we require a contract signed by all parties and the earnest money, if any.
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