Home Buyers.

Why should I purchase Owner's Title Insurance?

Buying a home is one of the biggest investments you’ll ever make and owner’s title insurance helps protect that investment. Even after all the paperwork is signed, unexpected issues can still come up. Things like unpaid taxes, unknown heirs, errors in public records, or fraudulent documents could threaten your ownership.

Owner’s title insurance gives you peace of mind. For a one-time fee, you’re covered for as long as you own your home, even passing that protection on to your heirs. If a problem does come up, your policy helps cover the cost of defending your ownership rights, including attorney fees and potential losses.

In short, owner’s title insurance is a simple way to protect your home and avoid expensive surprises down the road.

Downloads

FAQs

  • Title is your ownership right to your property.

  • Title insurance is a policy that protects your investment and property rights. There are two different types of Title insurance: owner's policy and lender's policy.

  • An owner's policy protects your property rights for as long as you or your heirs own the home.

  • A lender's policy is usually required by the lender and protects only the lender's financial interests. The buyer or borrower typically pays for this policy, but this varies depending on geography.

  • The one-time payment for owner's Title insurance is low, relative to the value of your home. The typical owner's Title insurance policy costs around 0.5% of the home's purchase price.

  • Your owner's Title insurance policy lasts for as long as you or your heirs own your property.

Common Steps For Buying A Home

Are you a first time home buyer? Buying a home involves several stages. Below is a list of the more common steps during a residential transaction.

Your situation may vary and it is best to contact your real estate professional for more information.

1. Initial Meeting

  • Select real estate agent.

  • Determine needs and wants.

  • Determine financial eligibility.

4. Present and Negotiate Offer

  • Buyer prepares “earnest money” deposit (typically, 1 to 3% of purchase price).

  • Seller accepts offer (Seller can accept your offer, counter your offer, or reject your offer).

7. Mortgage/Loan process continues

10. Home Warranty

  • If applicable, obtain a Home Warranty.

2. Loan Qualification

  • Discuss finances.

  • Obtain mortgage or loan pre-qualification/approval.

5. Contingency Period

  • Conduct Physical Inspection of property by a qualified inspector.

  • Approve seller’s Transfer Disclosure Statement.

8. Loan and Title Processing

  • Approve title work/commitment.

  • Property appraisal ordered and completed.

  • Obtain loan approval from lender.

  • Closing appointment coordinated with the parties by TitleSmart.

3. Find a Home

  • Select an affordable property that fits your needs.

  • Discuss offer with agent.

  • Buyer reviews contract with agent.

  • Agent presents offer to selling side.

6. Open Escrow

  • Deposit “earnest money” into listing brokers trust account.

  • Buyers lender to order title work/commitment.

9. Obtain Homeowner’s Insurance

  • Select insurance company and coverage.

    Insurance will be in effect at close of escrow.

11. The Closing

  • Need cashier’s check prior to or at closing.

  • Lender sends Loan funds to TitleSmart.

  • At the closing appointment, all escrow documents are fully executed and funds are disbursed by TitleSmart.

  • Enjoy some awesome, fresh-baked cookies, Caribou coffee and get your celebratory photo taken on our “Red Carpet.”

  • Get your keys and move in!

Be sure to bring the following things to your appointment:

  • Valid (not expired) government-issued picture identification

  • Social Security Number(s)

  • Cashier’s check payable to TitleSmart, Inc. for funds needed to close

  • Closing funds – see below for details. Use the estimate calculated when you executed the purchase agreement and/or applied for a new mortgage. We will refund any overage at closing