The 2 Big Questions
With all the networking that I do - I'm regularly asked 2 questions:
1. What is Title Insurance? and 2. Who are your Clients?
So, I've put together a brief description of both the definition of Title Insurance as well as who are Clients are here at Franklin Title Agency:
What is Title Insurance?
Title insurance will protect the lender and homebuyers from claims or the consequences of claims, previously unknown, over the ownership of a property.
Title insurance costs are regulated differently by different states. Some states will have the same title insurance costs all over the state like Michigan; others will have them vary among companies.
The homeowner has to select their Title insurance company following the lending institution's advice or their own knowledge and common sense.
***is forbidden by the law that a lender or Realtor demands signing with specific title insurance companies***
Title insurance will protect the lender or the owner only from losses and liens arising from prior events before signing the policy. This is in contrast to life term insurance or PMI which protect the lender and the owner from losses that have occurred during the term of the policy.
*In addition to this, the Title Insurance company examines the title thoroughly to validate its authenticity, and also tries to delve out all the legal and financial issues related to the property including taxes, water bill status, and HOA's
Furthermore, it facilitates the smooth closing of the real estate deal.
Who are our Clients?
Real Estate Agents
*
Realtors
*
Mortgage Loan Officers
*
Real Estate Investors
*
Home Owners
*
Real Estate Attorneys
Thank you,
Keith Stonehouse
Vice President
Franklin Title Agency
www.franklintitleagency.com
keith@franklintitleagency.com
Office: 248-564-4022
Cell: 248-894-4785
Fax: 248-564-4024
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Some of the other things that a title insurance company provides clients and customers are things like title searches showing what I like to call 'the bill of health' for that particular property as well as deed work for deeding people or businesses on or off of title for a particular property known as a quit claim deed (QCD)