FAQ

What is title insurance?

Title Insurance is a contract which indemnifies against loss arising through an undisclosed defect in the title to real property. If the Title is insurable, the title company will guarantee against loss due to any defects in title not specifically set forth in the policy, and will pay all expenses in defense of any lawsuit which attacks the title as insured within the terms of the policy.

How can I protect my investment?

The best way to protect your investment is by choosing a reputable title company, who will perform a detailed title search and insure that your investment is protected against undisclosed defects.

How often are title premiums payments due?

A premium is paid only once, customarily at time of closing.

What is the Title Search?

A title search is an investigation of public records to determine the "chain of title," which is the history of the ownership and claims upon a piece of land. County records are kept on all property transfers, wills, liens, tax matters, etc., and these are the types of records searched in order to determine a "chain of title." The end product of a search is knowledge of potential and actual encumbrances upon a title and what liens need to be satisfied. In the end, it also has to be determined whether the seller of a property actually has the right to sell the property.

What is closing?

Closing or "settlement" is the process of completing a real estate transaction. During closing, deeds, mortgages, leases or other required instruments are signed or delivered. Furthermore, an accounting between parties takes place, monies are disbursed, and recording of all pertinent documents is completed.

What is a HUD Settlement Statement (HUD-1)?

This is a summary of the financial portion of the real estate transaction. The HUD-1 lists the purchase price, loan amount and closing costs for both buyer and seller, and show all pro rations and sums to be disbursed by the title company to all parties.

How long does coverage last?

A. You are covered for as long as you or your heirs own the property. Even though the property may be sold, you may still have a legal obligation by virtue of the warranties in the deed conveying the property. The policy insuring you would still be in effect.

What is a Title Commitment?

A title commitment contains an itemized account of requirements and conditions stipulated by the title agency before it can insure clear title. The commitment also lists exceptions that will not be covered by the title policy.

What is a survey?

A survey is a legal description of a property, prepared by a licensed surveyor. The survey is necessary to make certain that the correct boundaries are recorded in the legal description, so that the purchaser can be issued title insurance accordingly.

Why should I use Weichert Title?

Weichert Title has the trained personnel and resources to ensure a smooth and successful closing. Remember, it is your right to select the provider of your title insurance and settlement services.