Here are a few of the questions that we are asked on a regular basis
Q: What is title insurance?
A: Title insurance is a contractual arrangement between a real estate owner and/or lender and the title insurance company. The insurer, in exchange for a one-time premium payment, provides indemnification against future losses that might result from a variety of possible title defects or encumbrances that existed at the time of closing.
Q: Why do I need title insurance?
A: When you purchase real estate, you expect to enjoy certain benefits from ownership. For example, you expect to be able to occupy and use the property as you wish; be free from debts or obligations not created or agreed to by you; and be able to freely sell or pledge your real estate as security for a loan. Title insurance is designed to protect these rights that are inherent with true ownership.
Q: What are some examples of protections that title insurance provides?
A: Title insurance can protect you when problems arise from:
- Improper execution of documents
- Mistakes in recording of legal documents
- Mistakes in property descriptions
- Forgeries and fraud
- Undisclosed or missing heirs
- Unpaid taxes and assessments
- Unpaid judgments and liens
- Unreleased mortgages
- Incorrect interpretation of wills
Q: How much does title insurance cost?
A: The cost varies, depending mainly on the value of your property. The important thing to remember is that you only pay once, and the coverage continues in effect for as long as you have an interest in the covered property.
Q: Why am I prohibited from bringing a certified/cashier’s check to closing?
A: The Indiana legislature enacted a law in July of 2009 that requires all funds due for closing in the amount of $10,000 or greater in the aggregate, to be in the form of a wire. If the funds required to close are less than $10,000, a certified/cashier’s check is acceptable.