Posted by: Bill & Gayle McCord | December 6, 2010

Meet My Networking Group: Cheryl Williams

Meet My Networking Group

I have been in a networking group this year which has been amazing because not only have I got business professionals to refer to you that are awesome and trustworthy to work with, I also have many new friends!  I thought it would be great to introduce you to these folks so you will be meeting my fellow networkers each Monday.  You have already heard from Glenn Colley with WR Starkey and Brian Burcham with Burcham Insurance.  This week, we’re hearing from Cheryl Williams, an escrow officer with Hexter-Fair Title Company.  Let’s see what she has to say about what title insurance is.

What is a title?

A title is the right to and property ownership of property.  It includes the right to posses, mortgage, lease and sell the property.

What kinds of problems can a title search reveal?

A title search can show a number of title defects and liens, as well as other encumbrances and restrictions.  Among these are unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions limiting use of the land.  Some restrictions may actually improve the value of the property, such as neighborhood restrictions that promote quality houses.

What is title insurance?

Title insurance is your policy of protection against loss if any of these problems covered by your policy results in a claim against your ownership.

How does title insurance protect my investment if a claim should arise?

If a covered claim is made against your property, title insurance will, in accordance with the terms of your policy, assure you of a legal defense-pay all court costs and related fees.  Also, if the covered claim proves valid, you will be reimbursed for your actual loss up to the face amount of the policy.

How long does my cover last?

For as long as your or your heirs retain an interest in the property and, in some cases, even beyond.

How much does title insurance cost?

Probably less than you think.  The Texas Department of Insurance regulates the rates that title companies may charge, but generally speaking the cost of title insurance (including search, examination and related services) amount to about one percent, or less, of the costs of the property.  And unlike otherinsurance premiums, which must be paid annually, a title insurance premium is paid one time, usually at settlement or the “closing” of the property.

Thanks, Cheryl, for that great break-down of title insurance!

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