Frequently Asked Questions

What is a title search and why do I need one?
Are there any problems that a title search will not reveal?
What are the different types of title insurance?
Do I need both types of coverage?
Does title insurance expire?
What items are needed at closing?

What is a title search and why do I need one? | top

A title search is a detailed examination of all public records that affect a property.  The purpose of a search is to verify that records, including the deed, mortgage, tax records, county records, and many other documents are true and clear to allow for transfer from the seller to the buyer.  This search can reveal title defects, liens and other items, like unpaid taxes, unsatisfied mortgages and judgments against any recent owner or any restriction on the use of the land.

Are there any problems that a title search will not reveal? | top

Yes, there are many types of claims that cannot be located during the title search.  These claims may include, forgery, defective deeds, confusions due to similar or identical names, clerical errors, possible claim by a former spouse. Your title insure policy covers the handling of any such claim.

What are the different types of title insurance? | top

There are two primary types of insurance policies:

The Owners Policy is issued to the new owner, insuring that the title to the property they are purchasing is transferred properly and that the property is marketable.

The Mortgagee Policy (loan policy) is issued when there is a new mortgage lien on the property.  It insures that the title to the property for which they are lending funds has a marketable title.

Do I need both types of coverage? | top

Yes.  Most lenders require a loan policy for almost all mortgages; however this policy does not protect the landowner.  An owner's policy protects the owner from the threat of loss.

Does title insurance expire? | top

A Mortgagee Policy is in effect until the loan is paid off.  An Owner's policy is active and valid as long as you or your heirs have an interest in the property.

What items are needed at closing? | top

Buyer

1. Cashier's check made payable to Security Title and Trust, Inc.
2. Proof of purchase of Homeowners and Flood Insurance.
3. Invoices for any unpaid items such as insurance, inspection or any other unpaid items related to the closing.
4. Photo identification (driver's license, passport, or state-issued identification card).

Seller

1. Photo identification (driver's license, passport, or state-issued identification card).
2. Invoices for any unpaid taxes, utilities, assessments, and any other unpaid items that should be paid at closing.