What Is The Procedure To Acquire

Our Underwriters:

What Is The Procedure To Acquire Title Insurance?

Title Insurance provides a guarantee of ownership of your home. It informs you of the nature of any other outstanding interests in the property (liens and encumbrances) and protects you against unknown claims of ownership to or interest in your property. Before a transaction involving a loan or sale of property is completed, Reliance Title Services, L.L.C. will go through the following procedures:

Step 1

Reliance Title Services, L.L.C. searches appropriate land records from the county and state to determine ownership, outstanding liens or access and other matters that may affect the property. This search discloses recorded deeds, mortgages, judgments, taxes, liens and any other legal issues regarding your property.

Step 2

The results of the record examination will then be summarized in a preliminary document called a "Commitment for Title Insurance" or "Preliminary Title Report". This document states the status of ownership and enables the lender or purchaser to evaluate the legal status of title to the property before the loan is made or the property is acquired. The commitment also constitutes an agreement by the title company to issue a title insurance policy if certain requirements stated in the commitment are met.

Step 3

If the commitment or preliminary title report discloses liens, claims, questions of ownership or other problems, these problems must be submitted to underwriters so that a determination can be made as to how to proceed on the loan. If these issues are not addressed, resolved or removed, they will continue to affect the property and may make a purchase of the property less than desirable. Some liens can be removed by paying the indebtedness while other liens can be removed only with proper court proceedings.

Step 4

Although Reliance Title Services, L.L.C. makes every effort to eliminate or lessen the risk involved in the purchase or mortgage of real property, there will always be certain risks and legal issues to be addressed by purchasers and lenders requiring title insurance. It is not always possible to find all adverse matters affecting ownership. A forged or fraudulent document, legal incompetence of a person who conveyed the property, lack of authority or inadequate administration of a descendant's estate or simple human error are all possible examples of title problems which may not be disclosed by a search of the public records. Both an owner and a lender are best protected by a title insurance policy.

Step 5

A Title Insurance Policy is generally purchased by both the buyer and the seller to protect the interest in the property. If a claim is made against your ownership, as insured by Reliance Title Services, L.L.C., your policy will protect you by defending your interest in a court case and paying costs, attorney's fees, and expenses incurred for that defense. If the claim is shown to be valid, Reliance Title Services, L.L.C. will either pay the costs of your claim up to the amount of the policy or undertake the responsibility and expense of perfecting and protecting your title as it was insured.

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