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At First Title Source our focus is on your experience in the real estate closing, title, and settlement process. Our team is dedicated to providing you with world class service, leading edge technology and most importantly, peace of mind.
At First Title Source our buyers, sellers, real estate professionals, title agents and lenders are updated throughout the entire process so all parties will know exactly where we are in the closing process.
Title insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership of your property. Any number of problems that remain undisclosed, even after the most meticulous search of public records, can make a title defective. These hidden “defects” are dangerous because you may not learn of them for many months or even years. Yet, they could force you to spend substantial sums on a legal defense, and still result in the loss of your property. Some possible hidden “defects” may include false impersonation of the true property owner, incorrect property description, public records errors, forged deeds or wills, and fraud. In addition to protecting from financial loss, your owner’s title insurance policy covers the costs of legal defense. Title insurance is a one-time premium expense paid when you purchase your home; and it continues to provide complete coverage for as long as you or your heirs own the property. Nothing else guarantees a home buyer’s peace of mind quite like title insurance.
At First Title Source we work with some of the most reputable and recognized title insurance underwriters in the nation:
This insurance protects the lender, who technically owns the home until you pay off your mortgage. You'll pay a one-time premium at closing, which protects the lender for up to the full amount of the loan as long as you have the mortgage.
This policy protects you. You're probably thinking: “I bought title insurance for the lender, and a search showed the property title was free and clear of any problems. Why do I need an owner's policy? It seems like a waste of money.”
The answer is that no title search is perfect. Without an owner's policy, someone could show up on your doorstep one day and say, "Hey, this is my house. The person who sold it to you never got the proper signatures from my now-dead relative, and according to his estate, I own this place."
Your owner's policy covers you for any losses in this case. Although a lender’s policy is required for closing, the owner’s policy is not – and you may not be asked if you want it. Speak to your agent about buying one during the escrow process.
You can always back out of the deal if issues come to light in the title report. Just be sure that there's a contingency written into the Purchase and Sale agreement to cover this.
Old Republic Title is one of the largest title insurers in the United States. It operates through a national network of Company-owned offices, affiliates, authorized agents, and approved attorneys.
Its mission is to provide market-responsive real estate transfer products and services for individuals, businesses, and government through direct operations and independent title agencies.