Colony Title Group, Ltd.

Title insurance is like a game of chess, you have to make the right move in order to get checkmate.

To a great extent, securing property title insurance is an exercising a simple move in a chess game. Just as if you move your knight into the area of your opponent, title insurance companies refuse to insure properties with a history of legal uncertainties. Accordingly, the title examiner combs the records with an expert eye and identifies any potential problems, such as an unpaid tax assessment or a neighbor’s easement for right-of-way according to property right of way laws. The examiner then issues a preliminary report called a commitment, which lists these defects and informs you of any problems that the seller must correct prior to closing. If the company isn’t willing to cover a particular matter and the seller can’t or won’t correct it, you have a choice whether to live with the problem or bow out of the deal. If a title insurer refuses to write the policy at all, you can bet that the seller can’t give you good title.

That’s why it’s important to know not only what your title insurance will cover, but also what it won’t: what scenarios might arise in the future that would challenge your ownership of the property title deed. This chapter offers an introduction to titles, title insurance and various encumbrances that could endanger your ability to enjoy your home.

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Before any property is transferred from the seller to the buyer, a title search must be conducted. A title search includes the following:

• A real estate attorney researches the land records in the county court house
• A real estate attorney documents the chain of ownership of the property

A title search helps identify all owners, outstanding liens, encumbrances, encroachments, rights of way, easements, etc. associated with the property. Title searches are designed to eliminate most of the risk of the transaction…most of the risk, but not all of it.

This is where Owner’s Title Insurance comes into play.

Something could be missed or overlooked during the title search, which could result in a claim being presented at a later date.

So how is Title Insurance different from other Insurance Policies?

Unlike other insurance policies, title insurance protects you against events that occurred before the policy was purchased as long as the title defect was not discovered at the time of the title search.

We at Colony Title want to be your Title Company and real estate law firm. For additional information, please contact Tee Tillman at 410.884.1160 ext. 3007 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

We have already told you what title insurance is, so now we are going to examine the benefits of a title insurance policy. But in order to fully understand the advantages of title insurance, we must look at how it affects all parties involved.

Title Insurance Benefits for the Homebuyer

• Provides protection against serious financial loss due to a defect in the title to the property purchased.
• A title insurance policy will cover both claims arising out of title problems that could have been discovered in the public records, and those so-called “non-record” defects that could not be discovered in the record.
• Protects the homebuyer’s heirs for as long as they hold the title to the property, and even after.
• A title insurance policy will pay for the costs and legal expenses of defending against a title claim.

Title Insurance Benefits for the Lender

• Provides a mortgage lender with a high degree of safety against the loss of security as a result of a title problem.
• This protection remains in effect for as long as the mortgage remains unsatisfied.

Title Insurance Benefits for the Seller

• Provides the assurance that the title will be marketable when selling the property.
• Protects the seller from financial damage if the seller’s title is rejected by a prospective purchaser.
• Also, when the seller conveys with “warranties,” the seller is still protected if the buyer sues because of a breach of those warranties.

If you have any questions, please contact the Maryland real estate insurance experts at Colony Title Associates by calling 410 884-1160 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Sources:

Title Insurance Primer

Real Estate Settlement Services | Title & Settlement

Colony Title Group is here to help Lender, Consumers, Builders, and even Real Estate Agents. Let our experienced staff handle your client’s transaction from start to finish. Below you will find overviews of the services we provide Real Estate Agents, like you.

Coordination: We will handle the coordination of each step of the settlement process.

Settlement Cost Estimate: Click on Fee Worksheet and fill in all available information, we will e-mail or fax a quote back to you.

Document Preparation: If legal documents need to be prepared or reviewed, our law firm, Tillman, Shehan & Letzkus can handle that for your client.

Title Insurance: As agents for a number of title insurance underwriters, we can issue title insurance as well as provide you with the information necessary to educate your client on the value of Owner’s insurance.

Loan Process: If you have a buyer who has purchased a property or is preparing to purchase a property, we can put you in touch with a number of experienced Mortgage Bankers and Brokers who can get the job done.

If you have any questions, please contact the Maryland real estate insurance experts at Colony Title Associates by calling 410 884-1160 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Title insurance is protection against any loss that may arise from problems connected to the title of your property. There are two types of title insurance.

Lender’s Title Insurance: This is required by virtually all mortgage lenders to assure them that should a title defect arise, their investment in the subject property is protected.

Owner’s Title Insurance: This protects the purchaser from any title claims arising from the previous ownership, such as fraud, forgery and filing errors. Owners title insurance is a one-time premium.

Homes tend to go through several ownership changes throughout their lifetimes. And the more a home or a plot of land changes hands, the greater the odds that something will go wrong. There may be a weak link at any point in that chain that could eventually cause trouble. These weak links could include:

•      A forged signature in transferring title

•      Other title defects

•      Fraud

•      Unpaid real estate taxes

•      Other various liens

•      And much, much more!

Title insurance covers the insured party for any claims and legal fees that arise out of such problems. The cost of the title insurance premium is modest when compared to the potential loss from a claim.

If you have any questions, please contact the Maryland real estate insurance experts at Colony Title Associates by calling 410 884-1160 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Sources:

Questions About Title Insurance