Title Insurance Policy Issuance
Either directly through partnerships established with various underwriters
Our network of policy-issuing offices issue title insurance policies to protect the interests of both property owners and mortgage lenders on residential and commercial resale, new construction and refinance transactions.
Title insurance for property owners, called an Owner’s Policy, is usually issued in the amount of the real estate purchase. It is purchased for a one-time fee at closing and is valid for as long as the owner or his heirs have an interest in the property. Only an Owner’s Policy fully protects the buyer should a covered title problem arise with the title that was not found during the title search.
Possible hidden title problems can include:
- Errors or omissions in deeds
- Mistakes in examining records
- Forgery
- Undisclosed heirs
Title insurance for mortgage lenders is called a Loan Policy. Most lenders require a Loan Policy when they issue a mortgage loan. The Loan Policy is usually based on the dollar amount of the loan and it protects the lender’s interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off.
Title Clearance and Curative Assistance
Including documentation preparation services.
Our curative staff offers professional title curative services and insight into everyday curative matters, as well as being available to assist in avoiding future title curative problems during the acquisition process.
Closing Coordination Through Our Network
We have the agents, offices and locations to help you coordinate a closing that is on time, conveniently located and professionally represented.
Flood Certificates
This certificate verifies the elevation of the lowest floor of your house relative to the ground. It is especially important if your house/building is in a high-risk flood area.
An elevation certificate is only required if your building was built, or substantially improved, on or after the date of the community’s initial Flood Insurance Rate Map (FIRM). These buildings are considered to be Post-FIRM.
Credit Services
First Commercial Title has a wide range of credit reporting and related services including: single and multi bureau merged credit reports, enhanced merged credit reports, residential mortgage credit reports, employment and tenant screening reports, credit scoring, fraud detection, and Social Security number verification.
