Services

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Title Insurance

Why Do I Need It?

Before you purchased your home, it may have gone through several ownership changes along with the land on which it stands. At any point in the past, there may have been mistakes made along the way. 

For example, someone may have forged a signature in transferring a title or deed; Or there may be unpaid real estate taxes or other liens.

Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

What Does it Protect?

Title Insurance helps protect property owners from many different types of claims. If an owner’s title insurance policy is purchased the property owner has an ally to help defend against claims that are covered under the terms and conditions of the policy.

The owner can file a claim and losses could be completely covered by the title insurance company (subject to all the terms, conditions and limitations as set forth in the title insurance policy and policy jacket.)

Here are some examples of potential problems and claims that a title search may find:

  • Mistakes in the public records, including descriptions of property that appear accurate, but contain mistakes.
  • Pending legal action against the property that could affect ownership.
  • Unreleased mortgages.
  • Liens against the property because the seller has not paid taxes.
  • Fraudulent acts, such as forged deeds, mortgage releases, and other documents.
  • Misinterpretations of wills.
  • Claims by children born or adopted after the date of a will.
  • Claims by previously undisclosed heirs.
  • Deeds by minors, aliens, unauthorized parties, or persons of unsound mind.
  • Administration of estates of persons absent, but not deceased.
  • Claims of creditors against real estate sold by heirs.
  • An easement that allows the construction of a road or utility lines at a later date.
  • Mineral or air rights owned by others.

If title insurance is not purchased and any of the issues/claims above are found the new property owner would be responsible for dealing with the problem. Including having to go to court to fight their own case, hire an attorney, or losing their home.

 

What is it?

There are two main types of title insurance policies – Owner’s title insurance and Lender’s title insurance. Each provides similar protection and coverage, but they are designed for different parties to the transaction.

 

OWNERS TITLE INSURANCE

Tailored specifically for property owners,  Owner’s Title Insurance assures the new owner that the title to the property is correct and free from all claims, liens, and issues except those specifically excepted out in the policy’s coverage.

An Owner’s Policy provides insurance coverage from losses and damages suffered for many reasons including but not limited to no rights of access to the land, a previous transfer of the property was based on a forged deed, or a mistake in public records.

LENDER’S TITLE INSURANCE

A Lender’s Title Insurance policy provides insurance coverage only to the lender in a transaction involving a mortgage, deed of trust, or transfer. Lender policy coverage consists of three basic elements:

The lien created by the mortgage/deed of trust is valid and enforceable.

There is a right of access to the land. 

The title to the property is owned by the indicated borrower, is not subject to any claims, liens or issues and is a good and marketable title.

Please note that in a refinance transaction, only the Lender’s Title Insurance policy is purchased. Please contact Grissim Title & Escrow if you have any questions about coverage or policy types.

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Title Services

Owner's Policy

An Owner’s Title Insurance policy protects the people or party named as the insured on the owner’s policy from loss or damage sustained or incurred by the existence of claims, liens, and issues except those specifically excepted out in the policy’s coverage.

Lender's or Loan Policy

A lender’s title insurance policy (also called a loan policy) insured the lender’s lien interest in the property. It provides similar coverage as the owner’s policy but the only party covered by the insurance is the lender.

Please note that a loan policy does not provide coverage or protection from claims to the borrower.

Search Products

Below are Title Search Services that Grissim Title & Escrow offers:

    • Property Searches (full or limited time period as needed)
    • Nation-Wide Tract Searches (also called Ownership and Encumbrance Searches)
    • Covenant Restriction and Easement Searches
    • Historical Property Searches
    • Judgment and Lien Searches
    • Mortgage/Deed of Trust/Security Instrument Searches
    • Municipal Searches
    • Partition Searches
    • UCC Searches
    • Real Estate Tax Searches
    • Tideland Searches
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Escrow Information

Settlement Services

Below is a listing of services offered by Grissim Title & Escrow for Settlement Services:

  • Sales Contract and Escrow Requirements Review
  • Document Preparation (deeds, mortgages, deeds of trust, powers of attorney, etc)
  • Some states require the use of an attorney to prepare all legal documents. Please note that additional charges may apply if this is the case.
  • Obtain Documents and Certificates from municipalities and/or lenders required for closing, for example (additional charges may apply):
    • Payoff Letters
    • Releases
    • Subordinations
    • Tax Redemption Certificates
Refinance Closings

Below is a listing of services offered by Grissim Title & Escrow for Refinance Closings:

  • Notary Closings
  • Preparing HUD-1 Settlement statements
  • Loan Package Processing
  • Fund disbursement
  • Title and Document Review
  • National Recording and Filing Services
Purchase Closings

Below is a listing of services offered by Grissim Title & Escrow for Purchase Transactions:

  • Sales Contract and Escrow Requirements Review
  • Transfer Tax Filing
  • Preparing Closing Disclosure/HUD-1/Settlement statements
  • Loan Package Processing
  • Fund disbursement
  • Title and Document Review
  • National Recording and Filing Services
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Underwriting

Owner's Policy

We only use Fidelity National Title Insurance Company which is one of three underwriters for Fidelity National Title Group, the nation’s strongest and most respected providers of financial and real estate solutions. 

With a proud history dating back to 1847 and issuing the first title policy in 1876, it is part of the oldest title and escrow company in America and the largest, as well.