Title Insurance: Thoroughbred Title and a Title Insurance Recap
"Title Tuesday" continues with an overview of Thoroughbred Title Insurance and a recap of title insurance.
Reliable - Experienced - Cost Savings
Over 13,000 homeowners have saved up to 20%
on closing costs with Thoroughbred Title.
Thoroughbred Title: Who We Are
We don't do this alone. We have a exceptionally skilled and knowledgeable staff with over 250 years combined working in the title industry.
Our professional staff ensures title orders are processed quickly, that due diligence is conducted with thoroughness and professionalism, and that your clients have the best experience possible.
WhAt homebuyers should know ABOUT
CHOOSING TITLE INSURANCE
Homebuyers don’t always know what title insurance is, why it’s important, or that they have the right to choose their own provider. Many don’t even know they have or need title insurance. But making the right choice can save them money, and it’s important they are provided with the information they need to make a great decision.
Most people overpay for title insurance, and nobody ever tells them.
But it doesn’t have to be this way. Knowledge creates an empowered homebuyer. Learn about title insurance, how it protects the homebuying investment, and how it doesn't have to cost as much.
QUICK GUIDE TO TITLE INSURANCE
What is Title Insurance?
Title insurance protects the homeowner from title defects – legal issues which can prevent a property from being lawfully transferred or sold and that can threaten ownership and enjoyment of the property. The owner’s policy also covers potential legal fees for settling claims against the homeowner’s ownership rights.
- If your clients do not know what title insurance is they are not alone. In a recent survey of 2,000 current and prospective home buyers nationwide 26.9% did not know what title insurance was even after buying a home (“Marketing your Title Company” The Title Report, March 2017)
- Generally, Title Insurance should be ordered at the time Contracts are signed
- In our area the closing typically occurs 90 days from the date the order is placed
- Title defects are found in 25% of title exams conducted / real estate transactions
- 75% to 85% of claims are made within the first six years of a title policy
- The vast majority of Closing Costs are government fees and taxes and are not title insurance charges.
How often does a home buyer have to pay for Title Insurance?
- Title insurance is a one-time premium paid when the property is purchased. Since Title Insurance searches the history of the property and insures against the past and not the future once title insurance is purchased it is good for as long as you or your heirs retains an interest in the property.
What do the title insurance policies do?
- Owner’s Policy: Insures the owner’s interest in the title to the property. The premium is based on the purchase price.
- Lender’s Policy: Required by the bank when a mortgage is sought, the mortgage policy insures the lender’s lien position and priority. The premium is based on the amount of the mortgage. The Policy lasts as long as the purchaser has the loan, or until the mortgage is refinanced of paid off.
Helpful Closing Tips for a Home Buyer
- Remember to bring Photo ID to the closing
- Always call to verify changes in closing instructions you receive from any parties to the transaction. Exercise extreme caution when providing wiring instructions for funds.
- If you are using a Power of Attorney and not attending the closing be sure the title company reviews it prior to closing.
Close Quickly – and Painlessly
Homebuyers are resigned to spending a lot of money on the home buying process. Imagine how happy they’d be to find out they can actually save money!
We make the closing process as painless as possible. Our professional staff ensures title orders are processed quickly, that due diligence is conducted with thoroughness and professionalism, and that homebuyers have the best experience possible.
We have over twenty-one years of experience in the Westchester, Putnam, and Dutchess County real estate markets, and our reputation for excellent service and world-class client relations is unmatched. We’ve worked hard to build a business that offers both lower costs and personalized, high-quality service. Famous for our attention to detail and proactive in our title research, we leave nothing to chance.
Easier closings at reduced cost means happier homebuyers!