Securing Title Services
Title insurance is usually required by the lender to protect the lender against loss resulting from claims by others against your new home.
Owner's Policy. A lender's title insurance policy does not protect you. Similarly, the prior owner's policy does not protect you. If you want to protect yourself from claims by others against your new home, you will need an owner's policy. When a claim does occur, it can be financially devastating to an owner who is uninsured. If you buy an owner's policy, it is usually much less expensive if you buy it at the same time and with the same insurer as the lender's policy. For a breakdown of the difference between the ALTA Standard Owner's Policy (also known as "basic") and the ALTA Homeowner's Policy (also known as "enhanced"), please see "A Comparison of Title Policies" on the right side of this page.
Review of Initial Title Report. A few days or weeks before the settlement or closing of the escrow, Universal Title and one of our underwriters will issue a "Commitment to Insure" or "binder" containing a summary of any defects in title which have been identified by the title search, as well as any exceptions from the title insurance policy's coverage. The commitment is usually sent to the lender for use until the title insurance policy is issued after the settlement. You can arrange to have a copy sent to you prior to settlement by contacting our office.
| A Comparison of Title Policies |
| Sample HUD-1 |
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