Title Insurance
Title insurance is an insured statement of the condition of an ownership or security interest in real property. A title insurance policy describes the property in detail and states what limitations, if any, there are to an ownership or security interest. For example, the property may be subject to existing liens or encumbrances, mineral rights may have been reserved by a prior owner or easements may have been granted to utility companies or adjacent property owners.
Most importantly, a title insurance policy guarantees that the property you are purchasing or using as security for a loan is free of undisclosed liens, confusion in the rights of ownership and other clouds on title.
Below are several frequently asked questions and answers regarding title insurance. If you have additional questions, please feel free to contact Customer Service at 928-753-6300 or email custserv@statetitleagency.com.
Frequently Asked Questions
Answers to Frequently Asked Questions
A title insurance policy provides you with peace of mind. It takes the risk out
of acquiring or making a loan on property, the legal history which may
be unknown to you. Through the years, property may change hands many times through
sale, inheritance or bankruptcy. Each transfer is an opportunity for an error
in title to arise. If an error has occurred and was not previously discovered, it puts
the title to the property in jeopardy. Property, and the money paid for it, can be
lost entirely. Even if one can successfully defend an ownership or security
interest in property, the cost in time and legal fees could be
prohibitive.
Title insurance can help eliminate the risks associated with transferring an interest in real property by protecting you from title defects such as:
Title insurance can help eliminate the risks associated with transferring an interest in real property by protecting you from title defects such as:
- Signatures of minors or persons of unsound mind
- Mistakes in recording legal documents
- Undisclosed or missing heirs
- Misrepresentation of marital status
- Unpaid taxes
A title search is an extensive investigation of the relevant public records to determine whether any person or entity other than the owner has any right, lien, claim or encumbrance that must be taken into account. Subsequent to the title search, a commitment for title insurance is issued which notifies the interested parties of the insurer's opinion of the condition of title.
Normally, the owners or their attorney will act to resolve the matter before the transaction is closed. An escrow agent often provides assistance in these matters.
Yes. Title insurance policies are issued to real estate owners, purchasers under land sale contracts and lenders. There are other special forms of coverage as well.
A title insurance policy issued to a prior owner of real property does not protect any subsequent owners of the same property, nor does a lender's policy of title insurance protect an owner's or purchaser's interest in real property, and vice versa.
Our title insurance policies provide secure coverage for a purchaser's or lender's interest in real property.
A title insurance policy issued to a prior owner of real property does not protect any subsequent owners of the same property, nor does a lender's policy of title insurance protect an owner's or purchaser's interest in real property, and vice versa.
Our title insurance policies provide secure coverage for a purchaser's or lender's interest in real property.
State Title is always looking for ways to provide better service to our customers. In doing so, we have established business relationships with the following underwriters:
- LandAmerica's
- Lawyers Title Insurance Company
- Commonwealth Title Insurance Company
- First American Title Insurance Company
- Title Resources Guaranty Company
- Chicago Title Insurance Company
- Old Republic Title Company
- United General Title Insurance Company
If a defect in title is discovered, State Title Agency Inc. and its underwriter will either correct the problem (that is, establish the condition to be the same as insured), or promptly pay any loss incurred by the insured.
The protection of your property ultimately rests in the financial stability, professional integrity and responsible management of the title insurance company that you request to insure your property. Make sure that you select your title insurer as carefully as you would select an insurer of your life, automobile or other property you own.
Protect yourself against loss due to title defects by obtaining title insurance through State Title Agency, Inc.
The protection of your property ultimately rests in the financial stability, professional integrity and responsible management of the title insurance company that you request to insure your property. Make sure that you select your title insurer as carefully as you would select an insurer of your life, automobile or other property you own.
Protect yourself against loss due to title defects by obtaining title insurance through State Title Agency, Inc.