A BETTER WAY.
A BETTER EXPERIENCE FOR BUYERS & SELLERS.
At Anchor Title, we want to help you understand each step of the real estate buying or selling process you are going through. Every closing is important to us. Every person is important to us. You are important to us. We understand that buying or selling your home is a big decision for you. It is exciting, but can also be stressful. So, we’ve put together some information to prepare you, as well as frequently asked questions. We want to make your closing experience as stress-free and enjoyable as possible. Don’t see your question here? Just call our office or contact us.
What is title insurance?
A contract of indemnity covering the property described in the policy and protecting the insured against loss of damages because of defects, liens, encumbrances, and other undiscovered defects that exist on or before the date the policy is issued.
What is escrow?
Technically refers to a deed to be delivered to a third person to be held until the fulfillment or performance of some act or condition. In the title industry, it means to deposit with a n impartial third party, known as the escrow agent, anything pertaining to the real estate transaction including money and documents of all kind that will be disbursed and delivered to the rightful parties by the escrow agent.
What is a title search?
A title search is a careful exploration and perusal of the public records in an effort to find all recorded instruments relating to a particular chain of title.
What is a Lenders Policy and do I need it?
This is a policy that indemnifies the lender and they are usually issued in the amount of the loan. They are generally terminated upon discharge of the debt except in the case of foreclosure or deed in lieu of foreclosure. The policy is required by the lender to insure their lien position against the property being insured.
What is an Owners Policy and do I need it?
The owners policy is a policy that insures to the homeowner that there are no liens, encumbrances or undisclosed defects against the property being purchased. The amount of insurance is generally the amount of the purchase/sales price and is effective until the home is sold.
What does title insurance protect me from?
-FORGED DEEDS, MORTGAGE, WILLS, RELEASES AND OTHER DOCUMENTS
-FALSE IMPRISONMENT OF THE TRU LAND ONWER-DEEDS BY MINORS
-DOCUMENTS EXECUTED BY A REVOKED OR EXPIRED POWER OF ATTORNEY
-DEEDS AND WILLS BY PERSON OF UNSOUND MIND
-CONVEYANCES BY UNDISCLOSED DIVORCED SPOUSES
-RIGHTS OF DIVORCED PARTIES
-DEFECTIVE ACKNOWLEDGEMENTS DUE TO IMPROPER OR EXPIRED NOTARIZATION
-FORFEITURES OF REAL PROPERTY DUE TO CRIMINAL ACTS
-MISTAKES AND OMISSIONS RESULTING IN IMPROPER ABSTRACTING-ERRORS IN TAX RECORDS