Careers

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The provision of a Title Insurance Policy guarantees that, as the property owner, your legal claim to the real estate is unencumbered and devoid of any potential encroachments, affirming your clear title acquired from the seller. This insurance policy offers protection against losses or damages stemming from any title-related irregularities.

COMMON DEFECTS COVERED ONLY BY TITLE INSURANCE

• Undisclosed Heirs
• Fraud
• Forgery
• Mistakes in the public record
• Mental Incompetence
• Defective Deeds
• Name Confusion
• Marital Rights
• Execution by a minor
• Incorrect legal interpretations
• Tax or Bankruptcy

These potential risks can indeed lead to financial losses for property owners who lack protection. Frequently, these financial losses can have severe consequences. It is prudent to thoroughly explore the advantages of acquiring title insurance prior to finalizing any real estate transaction.

There are two types of Title Insurance Policies:

OWNER’S POLICY:This policy safeguards the property owner's interest in the real estate investment. It provides protection against potential title defects or legal issues that may arise in the property's history, such as undisclosed liens, encumbrances, or errors in the title search. If a covered issue emerges, the insurer will typically cover legal expenses and financial losses, up to the policy's limit.

LENDER'S POLICY:This policy is typically required by mortgage lenders. It safeguards the lender's interest in the property by ensuring that the property's title is clear of any unforeseen problems. If a title issue arises that affects the lender's security interest, this policy covers the lender's financial losses and legal expenses.

IF A LOAN POLICY IS ISSUED, WHY DO I NEED AN OWNER’S POLICY? A Loan Policy offers no protection to the owner. A claim may arise that does not jeopardize the lender’s interest, but may, cause a great loss to the owner.

WHAT ELSE DO I GET? One of the largest benefits of Title Insurance is the obligation of the insurer to defend your claim against the claims of others. A neighbor may claim rights to a portion of yours. Without Title Insurance, you would bear the cost of settling this dispute through the courts, regardless of the validity of the claim.

HOW LONG AM I PROTECTED ? In a word... forever. You and your heirs are protected for as long as you or your heirs own the property.

HOW MUCH DOES TITLE INSURANCE COST? Fees for Title Insurance in the State of Virginia are regulated and can easily be calculated on a Rate Schedule. The Rate Schedule is used to figure either the Lender's or the Owner's Policy, whichever amount is higher.

REPORT OF TITLE Title reports, in cases where title insurance is deemed unnecessary, may be generated subsequent to a comprehensive title search. A title report serves to reveal the findings of a thorough title examination, providing certification regarding recorded property owners, outstanding mortgages, liens, and any additional encumbrances, including unpaid taxes and special assessments, which may impact the ownership of real estate.

The principal benefit of title insurance lies in its capacity to safeguard against potential losses stemming from certain defects that may remain concealed from scrutiny within a title report. It is imperative to acknowledge that a title report solely constitutes a historical account of the property's title, based on information accessible through public records.