Our experienced Residential Services team offers superior Escrow and Closing services, whether the transaction involves a single-family home, condo, refinance, or construction loan.
If you've ever mortgaged a home, chances are you were required to purchase a title insurance policy. This lender's policy (often called a loan policy) is required by most lending institutions as a way to insure their security interest in the property. This policy protects the bank or other lending institution for as long as they maintain an interest in the property (typically until your mortgage is paid off).
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If you're considering refinancing your mortgage, you may be surprised to see that you are required to purchase a new lender's policy of title insurance. This is because a lender's policy only provides coverage for the life of a loan. When a home is refinanced, the life of one loan ends and another begins. Thus, a new lender's policy for title is required. Because an owner's policy provides coverage, generally for as long as you or your heirs hold an interest in the property, there is no need to purchase a new owner's policy when refinancing.
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However, as a buyer, you also want to protect your investment -- and the ownership rights that come with it. This is why it's wise to purchase an owner's policy of title insurance, which will protect your rights as the homeowner, generally for as long as you or your heirs have an interest in the property. Both title insurance policies not only pay valid claims and legal fees to defend against hidden title issues, but also help to decrease ownership risks by providing a thorough title search prior to the issuance of either policy.
Our Commercial Services Department is an industry leader in securing transactions. We offer unparalleled Escrow & Title Services and Property Research.
We know that as you grow your real estate profile, you'll need help for second homes and more. Be sure to consult our experts to help you complete all your real estate transactions.