If my lender obtains title insurance, why do I also need it?

The lender’s policy covers only the amount of its loan, which is usually not the full property value. Gemini Title & Escrow, LLC offers an owner’s title insurance policy which protects the title-holder up to the full value of the property at the time of purchase, in addition to coverage as the value of the property increases. Should an adverse claim be made on the property, an uninsured homeowner would have to pay out-of-pocket for legal expenses to defend his or her title to the property. The lender would not take notice of an adverse claim unless it affects its ability to collect on its loan and recover its principal and interest.

What does title insurance cost?

Title insurance is a fee that is regulated in our industry and does not vary among underwriters. The title insurance rate is based upon the value of the property and the state in which the property is located.

In order to obtain an accurate amount of title insurance for a particular property, please contact the processor handling your file directly.

I already have title insurance. Why do I have to buy it again?

At the time of purchase, most individuals pay for both the Owner’s and Lender’s Title Insurance Policies. As stated above, the Owner’s policy continues in effect as long as the borrower has an interest in the covered property; however, where there is a new Lender, a new Lender’s policy must be issued protecting that Lender. For borrowers with a copy of an original owners title insurance policy issued less than ten years ago, Gemini Title & Escrow, LLC will offer a “reissue” rate for the new policy.

What do I need to bring to settlement?

For a purchase settlement, you will need to bring certified funds, your drivers license, copy of homeowners insurance policy (and receipt, if paid), and the original termite report. For a refinance, you will need to bring certified funds (if funds are required to close), your drivers license, and a copy of your owners title insurance if you are requesting a reissue rate.

How long does it take to get to settlement?

The timeline for a refinance is dependent upon loan approval and agreement of terms with your lender. It is advisable to contact the title company at least one week prior to your anticipated closing. For a purchase settlement, Gemini Title & Escrow, LLC will assist all parties in meeting the date of settlement stated in the Contract of Sale.

Why do I need a title search?

A title search is the mechanism for our title company to obtain the correct ownership and real estate tax and assessment information as well as an accurate accounting of all existing liens and encumbrances on the property. This information is required by nearly every lender to insure that their lien is in the correct position on the property and the lawful owners are securing their promise to pay. Gemini Title & Escrow, LLC issues a “Commitment to Insure” to the lender which reflects the information found from a review and evaluation of documents in the local land records.

Why do I need owner's title insurance?

Title insurance helps protect an owner’s interest in his or her home and guarantees that the individual will have full benefits of ownership of the property. For example, an owner expects to be able to freely sell or encumber his property as security for a loan, without the prior owners’ liens remaining as an open lien. Title insurance protects against any prior claims — however unlawful or inaccurate — to the property. A major benefit when considering whether to purchase title insurance is that payment is made only once, then the coverage continues in effect for so long as the borrower has an interest in the covered property. Should the owner die, the coverage automatically continues for the benefit of his or her heirs. If the property is sold, warranties of title pass to the buyer and the seller’s coverage continues up to the date of sale.

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