What to Look for in a Title Company Report
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What to Look for in a Title Company Report

By: Groshan Fabiola

When a title company investigates the deed of a property you are about to purchase, they look for any defects that could keep you from having a clear title. Title insurance companies start the process by releasing a preliminary title report, which looks for items that might necessitate immediate action. If any of these items appear, you should immediately contact your title insurance company and make sure that an investigation goes through.
If your title company gives you a report that includes any of the following items, you must investigate immediately:
* Bankruptcies
* Legal access to and from the subject property
* Mechanics liens
* Notice of action and judgments, including back child support
* Tax liens
* Typos in the legal description and/or parties’ names
* Uninsured deeds.
Title insurance companies typically provide two different policies for the sale of a residential policy – one that names the buyer as the interested party and one that names the lender as the insured party. The seller typically goes to the title insurance company to get a policy that covers the buyer, so they feel assured that property actually belongs to the seller and the sale will be clear. It is required to purchase a policy from the title company on the lender’s behalf for the amount of the loan when the buyer is using a loan to purchase the house.
Title insurance companies typically offer a one-time transaction where you pay the premium and have a policy until you sell or refinance the property. The title company does not charge any recurring fees for the policy, and their premiums are based on the amount of risk assumed by the insurer. The title insurance company assumes liability based on the property’s sales price, or, in the event of a lenders policy, on the amount of the loan.

Article Source: http://articlenexus.com

For more resources regarding title insurance or even about title insurance companies and especially about Chicago title insurance company please review these pages.

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