Residential and Commercial Title Insurance
Fast Tract Title Services, Inc. is a group of residential and commercial title insurance experts who work diligently to ensure your real estate transactions close smoothly and that you're free from liabilities and risks associated with real estate title transfers.
Let us determine if a property you're considering is the right choice for you by ensuring there are no faults in the current owner's claim to ownership. Call (440) 460-1092 today to learn more about what we'll do to ensure a safe and hassle-free closing process.
What Is Title Insurance?
Title insurance is a type of insurance policy that protects property owners and mortgage lenders from financial losses due to defects or issues related to the property's title. The title of a property is the legal document that establishes ownership and the right to use and occupy the property.
Title insurance policies are typically purchased during the closing process of a real estate transaction, and they cover potential risks that may arise from the following:
- Errors or omissions in public records.
- Forged documents.
- Undisclosed heirs, liens, encumbrances.
- Or other issues that could prevent the buyer or lender from having clear and undisputed ownership of the property.
If a title issue arises, the title insurance company will either defend the policyholder's title or compensate them for any losses or damages incurred as a result of the defect. The cost of title insurance varies depending on the property value and location, but it's a one-time fee paid at closing.
Why You Need Home and Commercial Property Title Insurance
There are several reasons why home and commercial property title insurance is a must:
- Protects against financial losses: Title insurance can protect property owners and lenders against financial losses due to defects or issues related to the property's title. If a title issue arises, the title insurance company will either defend the policyholder's title or compensate them for any losses or damages incurred as a result of the defect.
- Provides peace of mind: Title insurance can provide peace of mind for property owners and lenders, knowing that they're protected against potential title issues. It can help reduce the risk of costly and time-consuming legal battles that may arise if a title issue is discovered after the property is purchased.
- Required by lenders: Lenders typically require title insurance as a condition of providing a mortgage. This is because they want to ensure that their investment is protected and that they have clear and undisputed ownership of the property.
- Protects against hidden risks: Title insurance can also protect against hidden risks that may not be immediately apparent, such as errors or omissions in public records, forged documents, undisclosed heirs, or other issues that could impact the property's title.
What Does a Title Exam Entail?
During a title exam, the title examiner will review public records such as deeds, mortgages, and tax records to determine the ownership history of the property. They'll also search for any liens, judgments, or other encumbrances on the property that could impact the title. In addition, the title examiner may review other documents, such as wills, trusts, and probate records, to determine if there are any outstanding claims on the property.
Once the title exam is complete, the title examiner will provide a title report that outlines the results of the search. This report will include a list of any issues or defects that were identified, as well as any documents that need to be resolved before the property can be sold.
Our Title Agents Are the Best Choice for Your Commercial Title Policy
When you need a thorough understanding of your commercial title policy, our title agents are the region's top choice. We're a team of heavily experienced attorneys who are well-versed in the complexities of commercial real estate transactions.
Let us put our investigative skills to good work on your behalf, protecting you and your business throughout your next real estate transaction. Connect with us to see why more businesses choose us for help navigating the commercial title insurance process.
Call Fast Tract Title Services, Inc. When You Need a Title Company That Works for You
A title exam is an important step in the real estate transaction process, and Fast Tract Title Services, Inc. is here to ensure your legal responsibilities are taken care of and your interests and assets remain protected.
Do you have questions about our title examination process? We have answers. Call us at (440) 460-1092 to schedule a non-committal initial consultation appointment.