Here are answers to some of the most commonly asked commercial title insurance questions.
Why Should we Purchase an Owners Policy?
When you purchase real estate, it is important to know that you will be able to recoup your investment in that property at some future date – when you choose to sell. By purchasing an Owner’s Title Insurance Policy, you can rest easier knowing that the Title Insurer will defend against claims that you do not have good title to the property.
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What Endorsements do we Need?
Endorsements are used to customize a general policy of title insurance to meet the customer’s specific needs. Because of this, it is difficult to put together a list of endorsements that would meet everyone’s needs in any one transaction, let alone to compile a single list of endorsements that would apply to every transaction.
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What is Title Insurance?
Title Insurance is a contract or agreement in which the Title Insurance Company (insurer) agrees to indemnify the owner (insured) of the Title Insurance Policy against any loss (up to the insured amount) that the party incurs as a result of the title being other than as shown in the policy.
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What is a “Date Down” Endorsement?
Because title insurance only covers errors occurring through a particular date, there are occasions when a party wants a more current date on their existing policy, or to obtain a new policy with a more current date. The most common occurrence when this is required is when a borrower and lender agree to modify a mortgage, or when a lender assigns a mortgage. Especially where a modification includes loaning additional funds to the borrower, the lender wants to be certain that their mortgage has the same priority over other liens as to all of the funds advanced.
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