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Title insurance protects people from losses arising from a real estate purchase. Losses may be caused by things such as unknown liens, defects, or encumbrances on the property that existed before the purchase.
\n\u200b
\nExamples include:<\/p>\n
\u200b
\nTitle insurance agents will identify defects in the title that need to be corrected before the owner of the land sells it to you. Agents will check for problems with your title by looking at public records, including deeds, mortgages, wills, divorce decrees, court judgments, tax records, liens, encumbrances, and maps.
\n\u200b
\nA title insurance policy also protects right of access to the property.<\/p>\n
[\/et_pb_text][et_pb_button admin_label=”Button” button_url=”http:\/\/www.tlta.com\/documents\/Rest_Easy_2012.pdf” url_new_window=”on” button_text=”Texas Title Insurance Brochure” button_alignment=”center” background_layout=”dark” custom_button=”off” button_border_width=”0″ button_letter_spacing=”0″ button_use_icon=”default” button_icon_placement=”right” button_on_hover=”on” button_letter_spacing_hover=”0″]<\/p>\n
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There are two types of title policies:<\/p>\n
The owner\u2019s policy<\/strong> protects the buyer\u2019s interest in the property. The policy protects you from the covered risks listed in the policy. The price of the policy is usually included in your closing costs. An owner\u2019s policy only covers you up to the value of the property at the time you bought the policy. It doesn’t cover any increase in your property’s value, unless you buy an increased value endorsement. The loan policy<\/strong> protects the mortgage holder or lender\u2019s interest. A loan policy covers up to the amount of the principal on your loan. Rates are based on the property\u2019s sale value. The Texas Department of Insurance sets title insurance premium rates. All title agents charge the same premium for property of the same value. Title policy forms in Texas are standardized. This means most of the policy language is the same regardless of which company sells the policy. Title agents are required to use the standardized forms. The parts of the policy that may be changed are the property description in Schedule A, the exceptions in Schedule B, and the exclusions. You should review those sections carefully. You can request corrections if you see an error. The agent might be able to remove an exception if a title problem is cleared up or if you buy additional coverage. [\/et_pb_text][et_pb_divider admin_label=”Divider” color=”#cccccc” show_divider=”on” height=”40px” divider_style=”solid” divider_position=”bottom” hide_on_mobile=”off”]<\/p>\n [\/et_pb_divider][\/et_pb_column_inner][\/et_pb_row_inner][et_pb_row_inner admin_label=”Row”][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”2_3″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]<\/p>\n The owner\u2019s policy protects you against losses from ownership problems from before you bought the property, but that weren\u2019t known at the time you bought the property. For example, you could lose title to your property because of fraud, errors or omissions in previous deeds, or forgery of a previous deed. The owner\u2019s policy protects the buyer from the covered risks listed in the policy.<\/p>\n \u200bThe loan policy protects the lender\u2019s interest in the property until the borrower pays off the mortgage. The covered risks in your policy depend on whether you buy a loan policy or an owner\u2019s policy. The loan policy and the owner\u2019s policy will cover if:<\/p>\n Title insurance doesn’t insure against fire, flood, theft, or any other type of property damage or loss. Title insurance doesn\u2019t protect against boundary disputes with your neighbor, unless you buy an endorsement adding additional coverage. \u200bIf you think you need additional coverage, talk to your title agent about adding endorsements to your policy.<\/p>\n [\/et_pb_text][et_pb_divider admin_label=”Divider” color=”#cccccc” show_divider=”on” height=”40px” divider_style=”solid” divider_position=”bottom” hide_on_mobile=”off”]<\/p>\n [\/et_pb_divider][\/et_pb_column_inner][\/et_pb_row_inner][et_pb_row_inner admin_label=”Row”][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”2_3″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]<\/p>\n A loan policy lasts until the loan is paid off. An owner\u2019s policy lasts as long as you or your heirs own the land. It also may provide warrantor\u2019s coverage after you no longer own the property, depending on your policy provisions. Policy language has changed over time, so read the continuation of coverage provisions in your policy carefully to determine coverage terms.<\/p>\n You pay for title insurance only once, when you buy the policy, unless you decide later to add more coverage. Keep your policy, even if you transfer your title or sell the property. Coverage lasts as long as you or your heirs own the land, and may last forever for any title warranties made when you sell the property.<\/p>\n No, title insurance is different from other types of insurance. It does not insure against fire, flood, theft, or any other type of property damage or loss. It protects against losses from ownership problems that arose before you bought the property, but were not known at the time you bought the property. It does not guarantee that you will be able to sell your property, or borrow money on it.<\/p>\n [\/et_pb_text][et_pb_divider admin_label=”Divider” color=”#cccccc” show_divider=”on” height=”40px” divider_style=”solid” divider_position=”bottom” hide_on_mobile=”off”]<\/p>\n [\/et_pb_divider][\/et_pb_column_inner][\/et_pb_row_inner][et_pb_row_inner admin_label=”Row” padding_mobile=”off” use_custom_gutter=”off” column_padding_mobile=”on” make_equal=”off” parallax_1=”off” parallax_method_1=”off” module_class_1=”tt-col-3″][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”2_3″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”center” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]<\/p>\n [\/et_pb_text][et_pb_button admin_label=”Button” button_url=”http:\/\/www.tdi.texas.gov\/title\/titlefaqs.html” url_new_window=”on” button_text=”Title Insurance FAQ” button_alignment=”center” background_layout=”dark” custom_button=”off” 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\n\u200b
\nAn owner\u2019s policy remains in effect as long as you or your heirs own the property or are liable for any title warranties made when you sell the property. You should keep your owner\u2019s policy, even if you transfer your title or sell the property.<\/p>\nLoan Policy<\/h3>\n
\nLoan policies are effective until you repay the loan. Lenders will require you to buy a new loan title policy if you refinance your home. When the new loan pays off the existing loan, the old loan policy expires. You will get a premium discount on a new loan policy if you refinance within seven years.<\/p>\nHow Much Does a Title Policy Cost?<\/h3>\n
\n\u200b
\nThe basic premium rate includes the price for title insurance, the cost of the title examination, and closing costs. You pay a title policy premium only once, at the closing of the sale.
\nTitle agents add extra charges for things such as tax certificates and escrow fees, recording fees, and delivery expenses. These charges vary between title agents. Review any extra charges carefully. You may negotiate or request documentation of the costs.<\/p>\nPolicy Language<\/h3>\n
\n\u200b
\nCheck the policy\u2019s legal description of the land against your survey to confirm that what is conveyed in your contract is accurate. Title insurance doesn\u2019t protect against boundary disputes with your neighbor, unless you buy additional coverage.<\/p>\nWhat Does a Title Policy Cover?<\/h2>\n
Covered:<\/h3>\n
\n
Not Covered<\/h3>\n
\nA title policy generally won\u2019t cover mistakes or defects, financial issues, or rights issues such as:<\/p>\n\n
How long does it last?<\/h3>\n
Do you have to renew your policy?<\/h3>\n
Is it like homeowners insurance?<\/h3>\n
Further Questions?
\nFor More Detailed Information Visit:<\/h2>\nOur Partners<\/h3>\n
\nBeaumont, TX 77706<\/p>\n
\nPort Arthur, TX 77642<\/p>\nBeaumont Office<\/h3>\n
\nBeaumont, TX 77706
\nPhone:<\/strong> 409-861-7300<\/a><\/p>\nPort Arthur Office<\/h3>\n