West Little Rock Title Company
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|THE STAKES ARE HIGH....|
Both Buyer and Lender Need the Protection of Title Insurance!
You should never consider purchasing property without making "Title Insurance" a condition of the sale. We find that "Title Insurance" is often an aspect of the real estate transaction that many people find very confusing.
Let us first explain the two types of "Title Insurance" and what they cover.
I. LENDER'S OR MORTGAGEE'S TITLE INSURANCE:
The Lender's Title Insurance is to minimize the risk of lending money for the purchase of real estate by assuring that the title to the property to be acquired and which will be pledged as security for the loan is protected from losses as a result of title defects.
The Lenderís Title Insurance Policy will protect the lender against loss, however, it does not protect the borrower.
II. OWNER'S TITLE INSURANCE:
The "Title Insurance Policy" for the borrower is to cover their interest in the property. It will protect their financial interest in the property and assume the financial burden of their defense if a matter arises affecting the past ownership of a property.
Title Insurance is different from any other type of insurance. Most insurance policies run from a current date into the future. Title Insurance runs from the date your title was searched back into the past. This is done to protect you from any type of claim that may have already occurred and insure that you have a clear title to the property.
Your Title Insurance Policy will last as long as you own the property. If in the future if you decide to sell the property, the records will then need to be brought current to provide proof to the new buyer that everything is "insurable".
WLRT provides discounts on Title Insurance premiums for repeat customers or if the customer can provide our office with a copy of their current Title Insurance policy.
At West Little Rock Title Company we understand that there might be questions you have regarding what Title Insurance is and why you should let us issue Title Insurance for you. Below are frequently asked questions and answers we hope you find useful and informative when choosing your title company.
WHY USE WEST LITTLE ROCK TITLE
Buying a home is one the biggest investments you may ever make. It is important that you surround yourself with capable, experienced, hard working people to protect your interest and your investment.
West Little Rock Title Company will do everything possible to help and assist You IN THAT PROCESS. We specialize in hard work, dedication and a constant concern for our customers. We are a full service real estate closing company that performs title searches, issues title insurance And administers ALL ASPECTS OF THE CLOSING.
WHAT IS A TITLE COMPANY?
A company which provides the services, research, and examination of property records to determine if the property is insurable.
WHAT IS TITLE INSURANCE?
Title Insurance is an insurance policy that protects your real estate investment against loss due to unknown "title" defects. Unlike other insurance policies that run from a current date into the future, Title Insurance runs from the date your title was searched back into the past.
HOW LONG DOES TITLE INSURANCE LAST?
As long as the property you purchase is insurable you will be given a Title Policy at closing (which is generally paid for by the seller). The Title Insurance lasts as long as you own the property.
In the future should you decide to sell the property, the records will need to be brought up to date to provide proof to the new buyer that everything is "insurable"
A buyer should insist on proof that the property he/she wants to purchase has a clear "title". Some properties have "clouds" on the title or are actually "uninsurable".
West Little Rock Title Company can determine this for you by doing a detailed search to find out if there is a problem or a "cloud" on the title of the property or if the property is "uninsurable". Title insurance is different from other types of insurance in that title insurance runs from the date your title is searched back into the past. Title insurance is issued only after a detailed search of public records.
This is done to protect you from any type of claim that may have already occurred. As long as the property you want to purchase is insurable you will be given a Title Insurance Commitment at closing. A Policy of Title Insurance will be forwarded to you after the closing. This will insure you that you have a clear title to the property.
WHY DO I HAVE TO HAVE TITLE INSURANCE AGAIN IF I ALREADY HAVE IT? AM JUST REFINANCING?
The new Lender will require Title Insurance to make sure the condition of your title has not changed. Technically you could have a Judgment, Tax Lien, New Mortgage, etc... that could have occurred since your last Title Policy, so your new Lender wants all of that checked out and insured by the title company.