|What is title insurance?
title insurance policy insures that as the new owner, your title for the
property is free and clear of any possible encumbrances, and that you
have clear title from the seller. A title insurance policy insures that
you will stand protected from loss or damage as a result of any title
defects. Some possible encumbrances include protections from forged
documents, mistakes in public records, fraud and incorrect property
|What is title search?
title search is a detailed examination of the public records concerning
a property. These records include deeds, court records, property and
name indexes, and many other public documents. The purpose of the search
is to verify the seller’s right to transfer ownership, and to discover
any claims, defects, and other rights or burdens on the property.
|What kinds of problems can a title search
A title search can show a number of title
defects and liens, as well as other encumbrances and restrictions. Among
these are unpaid taxes, unsatisfied mortgages, judgments against the
seller and restrictions limiting the use of land.
|Are there different types of title
Basically there are two different
types of policies - a loan policy and an owner’s policy. The loan policy
protects the lender’s interest in the property in the amount of the
outstanding balance of the loan. The owner’s policy protects the buyer’s
interest in the amount of the purchase price of the property.
|How much does title insurance cost?
Probably a lot less than you think. Charges may vary in different
counties, but generally the cost of title insurance (including search,
examination and related services) amounts to about one percent or less
of the cost of the property. And unlike other insurance premiums, which
must be paid annually, a title insurance premium is paid one time only,
usually at settlement or close of escrow.
Milwaukee Title, Inc.
W188 S7820 Racine Avenue Suite 300
Muskego, WI 53150