Special Episode: Ladies in Land Lunch & Learn with Stephanie Fox & Chris Maddox

Title insurance, how, when, and why? So basically the three reasons that title insurance exists.

So really what we're trying to do when we insure is we're trying to protect the owner and the lender, their position in the product and their position as they as we transact these so we're looking for things like undisclosed undisclosed items forged deeds errors in public records this is kind of our job to find these things mitigate those risks and transfer the risk essentially to the insurer versus the buyer two types of policies exist one is the owner's policy you're going to be owning this said thing the other is lenders policy protecting their interest in the in the loan

So things that are covered.

So when I look at the covered list, I think, OK, these are the things that we should be afraid of.

And this is why we're buying this thing in the first place, right?

The things that are forged signatures, undisclosed liens, invalid or poor documentation.

We've heard the horror stories in the residential world, right? So we're really trying to focus on what's covered, what is not covered, or our list there.

The additional opportunities you have for the endorsement.

These are the things that you can add on to your policy for freedom of protection for your project specifically.

Did you ever cover them in a domain?

The issue with them in a domain is the government has the right to take the property.

So you really can't buy the insurance regarding that because you can't insure over the government's rights to take property.

But there are, depending on the specific circumstances, if there is... taking care of that kind of stuff there may be an opportunity to get insurance covering that we can't sure over that right

thank

you

Okay, so how it works, this is kind of the backend process.

So when you guys send us what you're asking of us to do, our very first step is we're going to order the search.

So if we're going to perform a public search of what's called a title plan, they're going to review the chain of title.

You're searching for those liens, judgments, and tax records.

So the next email you get from us is that title commitment.

That's that documentation that says, these are the things that, these are the exceptions.

These are the requirements in order to eventually give you a policy.

So that's kind of your first look under the hood.

So then next step in the process is you're closing your escrow.

So once all those requirements are satisfied, we can give you that policy and you pay that one time premium.