Benefits and Costs of a Title Insurance Policy in Loveland

What Does Title Insurance Provide in Loveland

house with a fenceAn owner’s policy of title insurance provides the homeowner peace of mind about their legal rights to real property. If you have a question or concern about your rights, promptly notify the title insurance company whose name appears on the title policy. The title policy includes instructions for contacting the title insurer. This information is usually at the end of the “Conditions and Stipulations” section within the policy.

Buy Title Insurance from the Best Agency in Loveland

Unable to locate your policy or unsure whether you purchased a policy? Contact the title company, title agent, settlement agent or attorney that handled your purchase and inquired about your coverage in Loveland. You can determine if you have title insurance coverage by reviewing the Closing Disclosure provided at the closing of your purchase. For example, charges for an owner’s policy can be found under the “Other Costs” section of the Closing Disclosure. Contact information for the title insurer may also be found online or at your state department of insurance. The Group Guaranteed Title – Title Insurance Agency is here to help with all of your title insurance needs in Loveland. Call (970) 613-4364 or contact us. Check out The Group Guaranteed Title – Title Insurance Agency rate card and learn more about our performance standards. Our vision is to be the best in the industry by striving for extraordinary results in our service, products, and customer satisfaction.

Title Insurance Claims in Loveland

When giving notice of a potential claim to the title insurer, include the property address, a brief statement of the question or matter, copies of any claims documents received, and a copy of your owner’s policy. Remember, the broad coverage of title insurance includes protection against frivolous claims or title issues that may not present an immediate problem. It’s best to contact the title insurer promptly, as soon as you have any question or concern about your legal rights with the insured land.

Protect Your Real Estate Investment with a Title Search

A professional will search public records for debts, legal judgments, and other homeownership issues to give you peace of mind in your investment.

Some of the items reviewed include:

  • prior deeds
  • mortgages
  • divorce decrees
  • court judgments
  • delinquent taxes
  • child support payments

A title professional will also look for covenants, conditions and restrictions and other types of easements. When an issue is discovered, the title professional will take care of it, typically without you even knowing about it. If the problem is not easily resolved, you will be notified. Title searches reveal problems on more than a third of all residential real estate transactions.

Unknown Issues Covered by Title Insurance

Some title issues are not apparent from a review of the public record. Title insurance provides coverage for undisclosed title defects that might later result in a claim.

Unknown events include:

  • forgery
  • documents signed by minors or someone incompetent
  • deeds executed under an expired power of attorney
  • errors on the public record

This work is necessary to issue the insurance policy and often includes the cost of conducting a title search, examination, correcting errors, issuing the policy, and, frequently, the settlement or closing for consumers. An owner’s policy protects against these additional items.

Title Insurance Costs in Loveland

The cost of a title insurance policy about the cost of a property transaction is about one-half to one percent of the purchase price. The premium is based on the purchase price of the property, generally determined by the value of the land plus any improvements. The longer you own your property, the overall cost decreases even more.

Who Pays

Title insurance industry practices vary due to differences in state laws and local real estate customs. Who pays for the owner’s policy varies from state to state. On the East Coast, the buyer typically pays. The seller normally pays on the West Coast. A discount may be available when both the owner’s and loan policy are purchased simultaneously. Ask your title company who pays in your area and if a discount is available. It’s also important to note that the cost of title insurance may include other services provided by the title company such as the title search or conducting the closing. When comparing one rate to another, be sure to get detailed information on what is included in that rate, so you are comparing equally.

The Group Guaranteed Title – Title Insurance Agency is here to help with all of your title insurance needs in Loveland. Call (970) 613-4364 to contact us. Check out The Group Guaranteed Title – Title Insurance Agency rate card.