What is Title?

Ans: Ownership of property or rights in property.

What is Insurance?

Ans: Protection against loss,risk,defects.

Title Insurance: Protection of ownership or rights in real property against risk, loss.

Rights Of Owners: When a owner has 100% rights on property. The owners can sell, construct, modify, stay, control, lease, etc…

Title Company: Provides report to customer. Report are commitment/ preliminary report which contains the ownership of property to customer.

Legal Information of property

Mortgage on Property

Lease on owner

Any pending Judgment

Title Insurance Company: Provides Policies based on commitment or preliminary report. To ensure the ownership of the property.

Earnings of Title Company: Fee Charges for each report. Charges are applied based on the value of the property.

Earning of Title Insurance Company: Premiers, are based on Policy amount.

Real Property and Personal Property:

Real Property: Land and Building which are immovable.

Personal Property: Movable Property eg: car, etc…

Title insurance is only for Real Property.

Customers of Title Company: Seller, Buyer, Lender

Title Policy: will protect the ownership of real property. It covers the past defects/ loss and risk in the property.

eg: Loans( Mortgage and Deed of Trust), Liens, Judgment owner etc….

Types of Transaction:

i) Resale : Selling the Property to Buyer with full payment in cash.

ii) Refinance: Taking loans on property