Blevins Law is set up to efficiently handle real estate transactions.
We are able to assist with any file throughout the real estate transaction process, including Notary Services and Witness Closing Services. All loan and title documents are reviewed by one of our attorneys and an attorney attends and conducts the closing in a professional manner.
We take great pride in our work and in our reputation. We have been successful in retaining clients, maintaining working relationships with Madison County realtors and instilling a quality of work ethic in our office staff that we believe is the reason our clients have remained our clients over the years. In fact, our clients routinely praise our office for attorney accessibility and our dedication to returning their calls promptly.
Understanding Title Insurance
At Blevins Law, we realize your home is your most valuable asset. We understand the stress associated with purchasing or refinancing a home and are available to answer any questions or concerns you may have regarding your transaction. Our staff of dedicated professionals will guide you through the entire process and will assure that you are protected against adverse title claims or risks long after your settlement.
Click here to visit our section on understanding title insurance.
Understanding Title Insurance
Owning real estate is one of the most precious values of freedom in this country. You want the assurance that the property you are buying will be yours. Other than your mortgage holder, no one else should have any claims against your home.
Title insurance is issued after a careful examination of the public records. But even the most thorough search cannot absolutely assure that no title faults are present, despite the knowledge and experience of professional title examiners. In addition to matters shown by public records, other title problems may exist that cannot be disclosed in a search. Title insurance eliminates any risks and losses caused by faults in title from an event that occurred before you owned the property.
Title insurance is different from other types of insurance in that it protects you, the insured, from a loss that may occur from matters or faults from the past. Other types of insurance such as auto, life, or health cover you against losses that may occur in the future. Title insurance does not protect against any future faults, but does protect you from risks or undiscovered interests. Another difference is that you pay a one-time premium for a policy that remains effective until the property is sold to a new owner – even if that doesn’t occur for decades.
A lender’s policy, also known as a loan policy or a mortgage policy, protects the lender against loss due to unknown title defects. It also protects the lender’s interest from certain matters which may exist, but may not be known at the time of the sale.
This policy only protects the lender’s interest. It does not protect the purchaser. That is why a real estate purchaser needs an owner’s policy.
An owner’s policy protects you, the purchaser, against a loss that may occur from a fault in the ownership or interest you have in the property. You should protect the equity in your new home with a title policy.
Protection from financial loss due to demands that may be charged against the title to your home, up to the cost of the title policy.
Payment of legal costs if the title insurer has to defend your title against a covered claim.
Payment of successful claims against the title to your home covered by the policy, up to the cost of the policy.
Any purchaser will need evidence that his investment in your property is free of title defects. The title insurance policy that you provide the purchaser is a guarantee that you are selling a clear title to your real estate, unencumbered by any legal attachments that might limit or jeopardize ownership. It will reassure your purchaser that he or she is protected from any risks or losses and could help you close your deal.
Without title insurance, you may not be fully protected against errors in public records, hidden defects not disclosed by the public records, or mistakes in examination of the title. As a result, you may be held fully accountable for any prior liens, judgments or claims brought against your new property. If this should occur, your title policy ensures that you will be defended at no cost against all covered claims up to the amount of the policy.
The insurance commission approves and controls the premiums for title insurance policies. The premiums are paid only once and the cost depends upon the purchase price of the property and the policy amount must be equal to the purchase price.
- Undisclosed heirs
- Forged deeds, mortgages, wills, releases and other documents
- False impersonation of the true land owner
- Deeds by minors
- Documents executed by a revoked or expired Power of Attorney
- False affidavits of death or heirship
- Probate matters
- Fraud
- Deeds and wills by persons of unsound mind
- Conveyances by undisclosed divorced spouses
- Rights of divorced parties
- Deeds by persons falsely representing their marital status
- Adverse possession
- Defective acknowledgements due to improper or expired notarization
- Forfeitures of real property due to criminal acts
- Mistakes and omissions resulting in improper abstracting
- Errors in tax records
An enhanced policy also protects you from the following:
- Vehicular and pedestrian access to and from the land based on legal rights
- Correction of violation of existing subdivision restriction
- Lost title due to violation of subdivision restriction or prior covenant
- Inability to obtain building permit due to subdivision restriction
- Single family residence violates zoning and enables owner from building a residence
- Existing improvements under the exercise of existing mineral or water rights
- Enforcement of discriminatory covenant
- Neighbors encroachment
- Supplemental tax assessments not previously assessed prior to policy date
- Residency with the address is not located on the land transferred
- Error in map associated with the land
