What is Title Insurance?
Title insurance protects your property rights and investment. When a property changes hands, a title company like ALTC conducts a title search, which is a comprehensive review of all the legal, financial, and regulatory records relating to a property. The title search verifies that the seller is the legal property owner and holds the rights to sell.
Title insurance protects buyers and mortgage lenders against any ownership issues not revealed by the title search, because even the most diligent search of public records may fail to uncover every potential ownership “defect.” In our fifty years in business we’ve seen it all: errors in public records, unpaid taxes, boundary disputes, forged wills and deeds, secret marriages, undisclosed heirs, invalid divorces, false affidavits, and more. If any such defects later result in a claim against your property, your title insurance will pay for your legal costs and any covered losses.
ALTC Title Services
At ALTC, we ensure that you hold the title to your house and property, free and clear. We start with a thorough search of public records. Our on-site Title Plant contains a comprehensive record of every real estate transaction in Gallatin and Madison counties dating back to 1860. These on-site records allow us to search titles quickly and accurately, but we don’t stop there. We research liens, judgements, assessments, past disputes, easements, and building restrictions -- anything that could impact a property’s value or ownership. We alert our clients to anything that might make it unwise to continue with a transaction, and help them resolve any issues prior to closing. Once the transaction has closed, we file the appropriate documents with the proper county office and issue the title insurance policy.
What is a title?
A title is the foundation of property ownership. It is proof of an owner’s right to possess and use a property.
Who needs title insurance?
There are two types of title insurance: owner’s policies and lender’s policies. These protect the buyer’s property rights and the lender’s mortgage investment in the event a title defect later comes to light.
Even newly constructed homes and properties require a thorough title search. New buildings sit on land that may have changed hands many times over the years, making ownership disputes a real possibility. New construction is also more likely to come burdened with liens from subcontractors or suppliers. Whether you are buying a new home or a historic one, a commercial property or open land, title insurance is a must.
What kinds of problems can a title search reveal?
In our half-century in business we’ve seen it all: errors in public records, unpaid taxes, unsatisfied mortgages, boundary disputes, forged wills and deeds, secret marriages, undisclosed heirs, invalid divorces, false affidavits, unknown land use restrictions, and more.
How is title insurance different from homeowner’s insurance?
Unlike fire or flood insurance, which protect against problems that might arise in the future, title insurance protects against “hidden hazards” in your property’s ownership that were not discovered at the time it was purchased.
How long does a title insurance policy last?
An owner’s policy protects you as long as the owners or their heirs own the property. The lender’s policy expires once the loan is fully paid off.
Who pays for the title insurance policy?
In most cases, the seller pays for the owner’s policy and the buyer purchases the lender’s policy.
Can I choose my own title company?
The party who pays for the owner’s policy may choose which title company to use. This is usually the seller in two-party transactions, and is always the owner when a property is being refinanced. Let your realtor or banker know your preference!