Provided below is a list of commonly asked questions regarding Avid Settlement.
If you have a question that isn't on this list, please contact us!
Q. How will owner's title insurance protect me?
Some common examples of problems covered by an Owner's Title Insurance Policy include:
- Improper execution of documents
- Mistakes in recording or indexing of legal documents
- Forgeries and fraud
- Undisclosed or missing heirs
- Unpaid taxes and assesments
- Unpaid judgements and liens
- Unreleased Mortgages
- Mental incompetence of grantor on the deed
- Impersonation of the true owners of the land by fraudulent persons
- Refusal of potential purchaser to accept title based uon condition of the title
Q. Won't the lenders title insurance policy protect me?
No, there are two types of Title Insurance. Your lender likely will require that you purchase a Lender's Policy. This policy only insures that the financial institution has a valid, enforceable lien on the property. Most lenders require this type of insurance, and typically require the borrower to pay for it.
An Owner's Title Insurance Policy, on the other hand, is designed to protect you from title defects that existed prior to the issue date of your policy. Title troubles, such as improper estate proceedings or pending legal action, could put your equity at serious risk. If a valid claim is filed, in addition to financial loss up to the face amount of the policy, your Owner's Title Insurance Policy covers the full cost of any legal defense of your title.