Title Insurance: is an insurance of the condition of your “title” or ownership rights to a certain piece of real estate.

Owner’s Policy: An Owner’s title insurance policy described your property as owner in detail and states what limitations, if any, there are to your ownership. For example, easements may have been granted to utility companies or adjacent property owners. Of the most Importance is, an owner’s title policy guarantees and insures that the property you are purchasing is free of undisclosed liens, confusion in the rights of ownership and any other clouds on the title. This policy insures that you own the property for which you bargained for.

Peace of Mind: Title Insurance provides you the peace of mind and takes the risk out of acquiring property whose legal history is unknown to you. Each time a property was conveyed or changed hands, it creates an opportunity for an error in title to arise. If this error occurred and has never come to light, it puts your title in jeopardy. The potential to lose your property and the money you paid for it would be great. Title Insurance provides that peace of mind.

Loan Policy: is issued in the amount of the mortgage loan to assure the lender’s priority position on the lien, and expires when the loan is paid off.

SCIN & GUTSS

Here is very simplistic look of the settlement process:

S = Standard: The ALTA Title Policy, the standard in the industry.

C = Covered Risks: What is covered in the Policy.

I = Insurance: The protection we provide.

N =Notice: What you do if you have a claim.

AND

G = Guarantee: Guarantee work we do, the curative and preparation work.

U = Understanding: Understanding of what is needed for clearance and Issuance Policy.

T = Title: What we ultimately insure.

S = Settlement The Closing and our Fiduciary responsibility.

S = Services: What we do to complete the settlement, post-closing work and Issuance of the final
product called the Title Policy.