Frequently Asked Questions
1. What is title insurance?
A title insurance policy protects consumers from losses that could arise subsequent to a real estate purchase, such as unknown liens, defects or encumbrances on the property, to name a few.
2. What types of title policies are available?
There are two types of title policies. The Owner’s Policy protects the buyer’s interest in the property up to the value of the property at time of purchase. The Loan Policy protects the lender’s interest in the property up to the amount of principal on the loan.
3. How much does a title policy cost?
Rates are based on the property’s sale value, and the insurance premium rates are set by the Texas Department of insurance. All title agents charge the same premium based on established TDI rates.
4. What doesn’t a title policy cover?
Title insurance does not insure against fire, flood, theft or any other type of property damage or loss. These types of losses are covered under a homeowner insurance policy. In addition, the title policy does not cover any defects created after the title policy is issued.
5. What should I bring to closing?
A valid Driver’s License or Passport is required for all signers. Discuss with your escrow officer whether to wire funds or bring Certified Check to closing. Bring a personal check to cover minor costs that could arise from last minute changes. Also, unless other arrangements have been made, bring property items to closing, such as house keys, gate keys, remotes controls, etc.