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A "Title" is the legal right to the possession of property, esp. real property.
. It means that you have a legal right to possess that property and to use it within the restrictions imposed by authorities or limitations on its use-superimposed on the basic right to possession by previous owners.
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What is "Title Insurance"? (back to top) |
"Title Insurance" is insurance against loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. It is available in many countries but it is principally a product developed and sold in the United States. It is meant to protect an owner's or lender's financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.
Typically, the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance.
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What is an "Owner's Policy" ? (back to top) |
The owner's policy insures a purchaser that the title to the property is vested in that purchaser and that it is free from all defects, liens, and encumbrances except those, which are listed as exceptions in the policy or are excluded from the scope of the policy's coverage. It also covers losses and damages suffered if the title is unmarketable [1] The policy also provides coverage for loss if there is no right of access to the land. Although these are the basic coverages, expanded forms of residential owner's policy exist that cover additional items of loss.[2]
The liability limit of the owner's policy is typically the purchase price paid for the property. As with other types of insurance, coverages can also be added or deleted with an endorsement. There are many forms of standard endorsements to cover a variety of common issues. The premium for the policy may be paid by the seller or buyer as the parties agree; usually there is a custom in a particular state or county on this matter, which is reflected in most local real estate contracts. Consumers should inquire about the cost of title insurance before signing a real estate contract, which provides that they pay for title charges. A real estate attorney, broker, escrow officer (in the western states), or loan officer can provide detailed information to the consumer as to the price of title search and insurance before the real estate contract is signed. Title insurance coverage lasts as long as the insured retains an interest in the land insured and typically, no additional premium is paid after the policy is issued.
1.) A title is unmarketable if it would be unacceptable to a reasonable purchaser exercising reasonable business prudence, who is informed of the facts creating or affecting it and their legal meaning, because it appears subject to material defect, grave doubt or to the likelihood of litigation. However, the title need not be bad in fact to be "unmarketable." Black's Law Dictionary 4th Ed. West Publishing Co. 1951) defining "Marketable Title" and "Unmarketable Title."
2.) Examples are the American Land Title Association Residential Owner's Policy and Expanded Coverage Residential Owner's Policy.
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What is a "Lenders or Loan Policy"? (back to top) |
This is sometimes called a loan policy and it is issued only to mortgage lenders. Generally speaking, it follows the assignment of the mortgage loan, meaning that the policy benefits the purchaser of the loan if the loan is sold.
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What happens if my home is protected by title insurance and it's challenged? (back to top) |
You simply notify the title insurance company and they defend the title; in other words they defend your legal right to the possession of property. |
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What is "Secure Online Document Access"? (back to top) |
As part of your Title Closing, Republic Land & Title offers a service that helps to ensure that the documents related to your closing our kept safe and secure. As we all know, the threat of natural disaster is very real, especially in Florida. Hurricanes, tornadoes, flooding, weather, and fire are just some of the threats that could damage or destroy your important information. This is why Republic Land & Title offers to store your documents not only in their physical format for the mandatory 7 year retention period, but we also utilize the power of document imaging to scan them into an electronic format that you can conveniently access via the internet. |
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How do I know that the "Secure Online Document Access" is really secure? (back to top) |
Your documents are very important to us so we take extra measures to ensure they are protected. Via our hosting company SDE, Inc., your documents are scanned and stored within a secured facility that is kept under lock & key.
You can trust that your documents are safe: with:
- 24 hour video surveillance
- ADT alarm system
- No open-access to the outside world
- Additional physical access restrictions to areas where files are stoed and additional protection to our data centers.
- Electronic files are backed up on a nightly basis and stored in 3 different locations in 2 states providing the ultimate assurance that your documents are protected regardless of any potential disaster.
- Network is monitored and highly secured behind firewalls
- Any viewing of your documents requires an encrypted username and password and all communications are protected by a VerSign SSL (Secure-Socket-Layer) with SGC Technology that ensures all transmissions are encrypted with the strongest encryption possible at 128 to 256-bit encryption.
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