Company description::
Strategic Title Services Corp. 5600 W. Grande Market Drive Appleton, WI 54913
Phone: 1-920-997-1344 Fax: 1-920-997-1340
FAQ’s and Useful Information
What exactly is title?
A Title is the evidence or right to which a person has to the ownership and possession of land. A defect in that title can be any legal right held by someone other than the owner to claim property or to make demands on the owner of that property.
What can make a title defective?
There are many possible causes of title defects that no examination can disclose. That is because they have never been recorded and thus do not appear in the abstract. A title insurance policy protects the owner against all these hidden risks. Some of the risks are listed below.
Fraud – False claim of ownership, forged deeds, wills, signatures, conveyances, false representation, illegal acts of trustees, guardians and administrators.
Human error – Errors in copying, indexing, recording, errors by administrators, executors, trustees and guardians; destruction of records.
Improper deeds and wills – Deeds by persons of unsound mind, minors; deeds delivered after death or without grantor’s assent; invalid, suppressed, erroneous wills, missing heirs, unsettled estates.
Liens and other rights – Liens for unpaid estate, inheritance, income, property and gift taxes; homestead rights, community property rights, irregular court proceedings, court opinion reversals, lack of court jurisdiction; defective foreclosures.
What is title insurance?
Title Insurance is a contract to protect an owner against losses arising from defects in the title to real estate owned. If the title is insurable the company guarantees the owner against loss due to any defect in title or expenses in legal defense of the title pursuant to the term of the policy.
Why buy title insurance?
When a person buys a car or consumer goods, they seldom need to know whether the former owner is married, single or divorces; whether they have paid their taxes or are involved in a lawsuit. But when a person buys a home it is necessary to have all that information and much more. For while he or she may own the property, others may also have rights in the same real estate.
A competent investigation can uncover such items as unpaid taxes, easements, restrictions, and much more. deeds and wills – Deeds by persons of unsound mind, minors; deeds delivered after death or without grantor’s assent; invalid, suppressed, erroneous wills, missing heirs, unsettled estates.
Liens and other rights – Liens for unpaid estate, inheritance, income, property and gift taxes; homestead rights, community property rights, irregular court proceedings, court opinion reversals, lack of court jurisdiction; defective foreclosures.
What is title insurance?
Title Insurance is a contract to protect an owner against losses arising from defects in the title to real estate owned. If the title is insurable the company guarantees the owner against loss due to any defect in title or expenses in legal defense of the title pursuant to the term of the policy.
Why buy title insurance?
When a person buys a car or consumer goods, they seldom need to know whether the former owner is married, single or divorces; whether they have paid their taxes or are involved in a lawsuit. But when a person buys a home it is necessary to have all that information and much more. For while he or she may own the property, others may also have rights in the same real estate.
A competent investigation can uncover such items as unpaid taxes, easements, restrictions, and much more. However, all items affecting the title are not contained in a single book, in a single office, or even a single city. Then, add to this, the possibility of human error at the multiplicity of points. Yet what is not in the public record often causes title problems. For all those reasons and many more, a property owner needs the protection afforded by title insurance.
What does title insurance cost?
The cost is directly related to the value of the property. The higher the value, the more coverage is needed. The premium is small compared to the total purchase price. The premium is paid only once and remains in force for as long as the property is owned by the insured and continues to protect the insured on warranties after it is sold.
What should I do to prepare for my closing?
Although closings practices vary from state to state, at the closing of the title….the seller should be prepared with at least the following:
• Sellers copy of the contract
• The latest tax, water and assessment receipt bills.
• Latest possible meter reading of water, gas or electric utilities.
• Receipts for last payment of interest on mortgages.
• Satisfaction of any mechanics liens, chattel mortgages(A lien on assets other than real estate backing a loan.), judgmen However, all items affecting the title are not contained in a single book, in a single office, or even a single city. Then, add to this, the possibility of human error at the multiplicity of points. Yet what is not in the public record often causes title problems. For all those reasons and many more, a property owner needs the protection afforded by title insurance.
What does title insurance cost?
The cost is directly related to the value of the property. The higher the value, the more coverage is needed. The premium is small compared to the total purchase price. The premium is paid only once and remains in force for as long as the property is owned by the insured and continues to protect the insured on warranties after it is sold.
What should I do to prepare for my closing?
Although closings practices vary from state to state, at the closing of the title….the seller should be prepared with at least the following:
• Sellers copy of the contract
• The latest tax, water and assessment receipt bills.
• Latest possible meter reading of water, gas or electric utilities.
• Receipts for last payment of interest on mortgages.
• Satisfaction of any mechanics liens, chattel mortgages(A lien on assets other than real estate backing a loan.), judgments, or mortgages that were paid prior to the closing.
• Bill of sale of personal property covered by the contract.
• Any unrecorded instruments that affect the title.
• Deed or other instruments that the seller is to deliver or prepare.
• The Purchaser should do at least the following:
• Have a purchaser’s copy of the contract.
• Have sufficient cash or certified checks to make payments.
• See that all liens that must be removed are attended to as agreed.
• Obtain affidavit of title.
• Have original and mortgagee’s endorsements for all fire, casualty and other insurance policies.
• Obtain Bill of Sale of personal property covered by the contract.
• Examine survey, if available.
• Review any covenants or restrictions affecting the title or use of the property as shown in the title commitment.
• Have bills for any unpaid tax, utilities, or assessments and have interest computed up to the date of the closing.
• Make adjustments as called for in the contract.
Should I hire a lawyer to help with the closing?
It’s a good idea to involve a lawyer, particularly if the sale is complicated or if you are not sure you completely understand the terms of the sale. Remember, any lawyer not involved at your rets, or mortgages that were paid prior to the closing.
• Bill of sale of personal property covered by the contract.
• Any unrecorded instruments that affect the title.
• Deed or other instruments that the seller is to deliver or prepare.
• The Purchaser should do at least the following:
• Have a purchaser’s copy of the contract.
• Have sufficient cash or certified checks to make payments.
• See that all liens that must be removed are attended to as agreed.
• Obtain affidavit of title.
• Have original and mortgagee’s endorsements for all fire, casualty and other insurance policies.
• Obtain Bill of Sale of personal property covered by the contract.
• Examine survey, if available.
• Review any covenants or restrictions affecting the title or use of the property as shown in the title commitment.
• Have bills for any unpaid tax, utilities, or assessments and have interest computed up to the date of the closing.
• Make adjustments as called for in the contract.
Should I hire a lawyer to help with the closing?
It’s a good idea to involve a lawyer, particularly if the sale is complicated or if you are not sure you completely understand the terms of the sale. Remember, any lawyer not involved at your request is representing the lender, or someone else and is not responsible sole or primarily for protecting your interests. If you do hire a lawyer, do so early enough so your attorney can review the terms of the purchase agreement before you sign it. Your attorney will examine the deed to see if it conforms to the contract, compare descriptions and see that the deed is properly executed.
Title Insurance = Peace of Mind
Purchasing a home is probably the single biggest investment you will ever make. Before closing on the house, you'll want to know that no other individual or entity has a right, lien or claim to the property.
Determining that your rights and interests to the property are clear is the business of a title insurance company.
For a modest, one-time title insurance premium, you will receive continuous title insurance protection in an amount equal to the purchase price of the property or its current market value. This premium typically includes your "owners" policy as well as the "lenders" policy.
One of the marked advantages of title insurance is that prior to a policy being issued, the title insurance company completes extensive research into relevant public records, maps and documents to trace ownership of the property and determine if anyone other than you has an interest in the pquest is representing the lender, or someone else and is not responsible sole or primarily for protecting your interests. If you do hire a lawyer, do so early enough so your attorney can review the terms of the purchase agreement before you sign it. Your attorney will examine the deed to see if it conforms to the contract, compare descriptions and see that the deed is properly executed.
Title Insurance = Peace of Mind
Purchasing a home is probably the single biggest investment you will ever make. Before closing on the house, you'll want to know that no other individual or entity has a right, lien or claim to the property.
Determining that your rights and interests to the property are clear is the business of a title insurance company.
For a modest, one-time title insurance premium, you will receive continuous title insurance protection in an amount equal to the purchase price of the property or its current market value. This premium typically includes your "owners" policy as well as the "lenders" policy.
One of the marked advantages of title insurance is that prior to a policy being issued, the title insurance company completes extensive research into relevant public records, maps and documents to trace ownership of the property and determine if anyone other than you has an interest in the property. Through its research, the title insurance company can usually identify any title problems that may arise and have these problems cleared-up prior to closing.
Your title insurance owner's policy will describe the property and outline any recorded limitations on your ownership. It will also set forth the title insurance company's responsibilities should any claim covered by the policy terms arise. Typically your title insurance will protect you from loss:
• if someone contests your title in legal action (the title insurance company will defend the title at no expense to you),
• or if there is a title defect that cannot be eliminated (the title insurance company will protect you from financial loss - up to the amount of the policy).
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