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| Our dedication to pleasing our customers is rewarded by their happiness and satisfaction; to this end we will always provide a better way to close. |
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| Frequently Asked Questions |
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What Is Title Insurance?
A title insurance policy protects the insured against any loss suffered as a result of the title to land not being as represented in the policy. It is a one time premium insuring protection as long as the Buyer owns the property. The seller provides an Owner's Title Insurance Policy to the buyer; the buyer provides a Lender's Title Insurance Policy to the lender. Unlike other kinds of insurance, title insurance insures against past events, affecting the rights to real property, rather than unforeseen future events.
Why Is Title Insurance Important?
You need title insurance because any home, no matter how new or apparently secure, is built on land as old as the earth itself. Undoubtedly, this land has had many previous owners. Claims against any one of these persons can be filed against the property and against you as the present owner. Such hazards as fraud, missing heirs, old liens and many others can, and often do, arise like ghosts out of the past. Title insurance protects you against claims and title faults. It makes your home safely yours. Your title insurance policy is your shield of protection and will defend your ownership against loss. Your protection and peace of mind last as long as you and your heirs remain in ownership.
How Much Does Title Insurance Cost?
Unlike the annual premiums of most other forms of insurance, you pay a small, one-time premium for title insurance. The premium will depend on the type of coverage you and/or your lender request. In cases where discounts are available, Pacific Northwest Title will always quote the lowest rate.
Who Is Covered?
There are two basic types of title insurance policies: an Owner's Policy and a Lender's Policy.
Owner's Policy:
Owner's title insurance, which the seller typically pays for at closing, is issued generally for the amount of the purchase price. It protects the purchaser and the purchaser's heirs as long as they own the property.
Lender's Policy:
Most lenders require title insurance as security for their investment in the property. The borrower typically pays for the Lender's Policy, which is issued for the loan amount.
How Does A Title Company Eliminate Risks?
Pacific Northwest Title conducts an examination of the public records looking for matters affecting the title to the real property. These records include:
- Deeds
- Civil and Probate court records
- Easements
- Maintenance Agreements
- Assessments
- Debts and other burdens
- Restrictions on the property
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| An important part of the title insurance process is eliminating risk prior to insuring, thereby reducing the possibly of claim or loss. However, even the most careful examination cannot disclose "hidden hazards" to title. |
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