What is title insurance? top
Title insurance is insurance against financial loss from defects in title on the property due to flaws in record searches, forgeries, fraud or sometimes even strange circumstances like unknown heirs or invalid divorces. There are two basic types of policies purchased for residential properties; the owner’s policy and the lender’s policy.
The Owners Policy is paid for by the seller and given to the buyer. This is what will protect you as the new owner of the property. It will insure free and clear title from the seller.
The Lenders Policy is paid for by the buyer and given to their lender (if there is one). This insures the lender that they have first lien position.
These policies are only paid for once. You do not have to renew and they do not expire until you no longer retain an interest in the property.
Why do I need title insurance? top
Title insurance will defend in case of a lawsuit, or reimburse you if there is a financial loss incurred up to the policy amount.
What is your turn around time once I place my title order? top
If the property is in Macomb, Oakland or Wayne County the usual turnaround time is 24-48 hours. If it is in another county it could take 1-7 days.
How can you assist me? top
I am here to take the paperwork portion and get you to the closing table. Once you have a signed PA you would send it to me along with any other docs and place the title order on my website. Now I can be as involved as you want me to be. I can take it over and just update you along the way while contacting all parties involved or I can just coordinate with the other party, Title Company and lender pass the information to you and you can still be the main source of communication. It is up to you and your comfort level. I do offer a number of other services; please see the Services Section on my website.
Where are the closings held? top
The closings are held at a place of convenience for you. I have a number of experienced closers that are happy to meet you at your office, clients work place, home, coffee shop – you just tell us where. We can also accommodate after hours and weekend closings for an additional fee.
How much is your service? top
My Coordination Services are of no additional cost to you. I get paid by the title company that I contract with. I do offer additional services that are extra; please refer to the Services Section on my website.
What if my clients are out of state or out of the country? top
This is no problem! We can find a mobile closer/notary to meet with your out of state client if needed. We do this all the time. If your client is out of the county we typically will email them the documents and they will have to sign in front of a notary (or their equivalent of a notary) and overnight the docs back to us. I am happy to set up a conference to go over docs though – even accommodating the time difference. That way if any changes need to be made, they have someone that is able to do it when most title companies are closed.