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Title & escrow information |
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| What
is Title Insurance? |
Title insurance is a contract
of indemnity which guarantees that the title to the property
is as reported. If its not as reported, we will reimburse
the buyers for actual loss or damage under the condition
speicified in the policy. the title policy covers the
insured for their loss up the amount of the policy.
Title insurance assures owners that they are acquiring
marketable title. Title insurance is designed to climinate
risk or loss caused by defects in title from the past.
Title insurance provides coverage only for title problems
which were already in existence at the time the policy
was issued.
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| Title
Search |
Fidelity National
Title works to eliminate risks by perofrming a search
of the public records or through our own plant. The search
consists of public records, laws and court decisions pertaining
to the property to determine the current recorded ownership,
any recorede liens or encumbrances or any other matters
of record which could affect the title to the property.
When a title search is complete, fidelity issues a preliminary
title report detailing the current status of title.
A preliminary report contains vital information which
can affect the close of escrow: ownership of the subject
property, how the current owners hold title, matters of
record that specifically affect the subject property or
the owners of the property, a legal description of the
property and an informational plat map.
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| What
Does a Title Policy Cover? |
Not all risks
can be determined by a title search, since certain things
such as forgeries, identity of persons, incompetency,
failure to comply with the law, or incapacity cannot be
disclosed by an examination of the public records.
The preliminary title report is an offer to insure under
certain situations, the title policy is a contract that
gives coverage against such problems.
The California Land Title Association (CLTA) is the standard
policy of title insurance in california.
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| What
Does CLTA Cover? |
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A forged signature
on the deed. |
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Mistakes in the interpretation
of wills or other legal documents. |
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Deeds delivered without
the consent of the grantor. |
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Deeds and mortgages
signed by persons not of sound mind, by monors or
by someone listed as single but is in fact, married. |
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Impersonation of the real owner. |
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Errors in copying or indexing. |
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Falsification of records. |
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Undisclosed or missing heirs. |
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Recording mistakes. |
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With regard to lenders coverage
it covers: |
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The priority
of the insured mortgage |
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The invalidity
or unenforccability of the insured assignment |
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The invalidity
or unenforceability of the lien of the insured
morgage on the title. |
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