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Broker Statements Prepared
Buying a home is, for many of us, the most substantial, single investment we’ll ever make. Knowing this, most homeowners provide for the security and safe keeping of their homes by insuring them against hazards such as fire, theft and weather damage. Yet, another hazard can pose an even greater risk to homeownership: defects in the title. Title defects can cause a homeowner to lose part of all of the investment in real property. Fortunately, there is a way to protect your investment from these title defects, and it comes in the form of title insurance. Title insurance applies the principles of insurance to the risks that are present in all real estate transactions.
When you obtain a mortgage, the property you purchase is pledged as security for the loan. To protect against risk the lender requires assurance that the title to the property is clear, and this done through a loan policy of title insurance. However, without an owners policy of title insurance, the buyer is unprotected.
An owners policy of title insurance is a contract that protects you, according to the contract terms, against loss or damage due to title defects. This contract is backed by the known assets and reserves of the title insurance underwriter, and serves as a written guarantee that your underwriter will undertake, at its own expense, the defense of your title in all legal actions or proceeding alleging the title to be other than as insured.
A Commitment is when these searches have been completed, the title company issues a commitment to insure the conditions under which it will insure the title. The buyer and seller and the mortgage company proceed with the closing of the transaction after clearing up any defects in the title which have been uncovered by the search and examination.
For a one time premium, paid during the closing process, an owner’s policy of title insurance protect against future losses arising out of events that may have happened in the past. In most cases, an owner’s policy can be issued at the same time as the loan policy, usually for a nominal one time fee. Ask about purchasing a owner’s policy of title insurance from Oceana Land Title.
Chain of Title is simply a history of the ownership of a particular piece of property, telling who sold it, and when. The information may be derived from public records, usually a County or Recorders Office, or obtained from title plants privately owned and maintained by companies. There are great varieties of such plans, index cards, punch cards or sophisticated computerized plants. However, they all contain essentially the same information which the history of the title may be secured.
A Tax Search is a search to determine the present status of general real estate taxes against the property. A tax search will reveal if taxes are current or whether any taxes are past due and unpaid in previous years. In addition, the tax search will indicate the existence of any special assessments against the land and, if so, whether or not these assessments are current or past due.
Oceana Land Title has experienced escrow officers and closing specialist trained in real estate procedures, title insurance, taxes, deeds and insurance. Their wealth of technical experience and knowledge is your assurance of a smooth closing. By acting as a disinterested third party who follows the instructions of both the buyer and seller, keeping all the details of the transaction, Oceana Land Title gets the job done with accuracy.