Don’t lose hope if you’re trying to sell your house but can’t find your owner’s title policy. It isn’t difficult to obtain a copy of a lost title insurance policy.
First and foremost, let’s get this over with. When a buyer chooses an owner’s title policy, the insurance company does a thorough title search and publishes a preliminary report that details the title defects that are not covered by the policy, as well as the terms under which a new policy will be issued. A separate title insurance commitment is given in some states to ensure that the insurer will deliver the owner’s title policy agreed upon at the time the transaction closes; in other states, the preliminary report is utilized instead.
If you buy a house with a mortgage, the insurance company will issue and deliver over an owner’s policy to you and a lender’s policy to your lender after you negotiate the policy’s terms and conditions and close on the house.
Owners’ title policies are sometimes misplaced or lost entirely. When this happens, a homeowner has three options for obtaining a copy of his or her lost title insurance policy.
1. Get in touch with the title agent or lawyer who worked on the deal.
Your agent may still hold the owner’s policy if he handled the real estate transaction when you bought the house but forgot to pass it over to you. You can get a copy of your lost title insurance policy by phoning your insurer and supplying the appropriate information if he no longer has it on file (usually, your name and address).
TIP: Get an owner’s title policy from a reputable, ALTA-certified title insurance provider if you plan to buy another house after selling your existing one. Also, request the preliminary report or commitment before to the closure and thoroughly study it to determine what is and is not covered. Make sure you acquire your owner’s policy after the closing and keep it secure.
2. Obtain the HUD-1 Settlement Statement, ALTA Statement, or Closing Disclosure (if applicable).
Title insurers are sometimes unable to locate policies that were issued some years ago. An inexperienced or untrained title agent may also fail to provide an owner’s policy, albeit this is rare. A copy of your HUD-1 Settlement Statement, Alta Statement, or Closing Disclosure, which itemizes all third parties who supplied services and received payment at the closing, can be used to verify that you paid a premium for an owner’s policy.
TIP: If you provide a copy of the preliminary report or commitment as proof of insurance, your insurer may be able to identify and send a copy of your original owner’s policy sooner.
3. Make contact with the lender
Contact your lender if you’ve also misplaced your Closing Statement and don’t know who issued your title policy. Your lender will be able to tell you who issued your title policy and give you a copy of your closing form because you also acquired a lender’s title policy.
TIP: If you need a title policy to get a reissue rate, the lender’s policy you paid for when you bought the house can suffice (depending on the transaction and age of the policy). Almost all lenders may make a copy of their policy readily available upon request.
How do I find owner’s title policy?
There’s always the possibility that a homeowner will lose all of the documents linked with their closing for any reason. This isn’t completely hopeless, at least not in terms of your title policy. Contact your lender if you can’t find your Settlement Statement, Closing Disclosure, or other paperwork. Even if you don’t recall the name of your title insurance firm after years, your lender can assist you in obtaining a copy of your policy. Because your lender’s title insurance policy was purchased when the loan was granted, this is the case. While owner’s policies are optional, all mortgaged property purchases require a lender’s policy, so your lender can help you get the documents you need. A copy of your closing form is frequently kept on hand by lenders. Borrowers are usually able to acquire copies of both documents from the lender.
You’ll return to the title insurer with these documents to complete the process of acquiring a copy of your lost insurance.
What is an insurance policy title?
Title insurance is a form of insurance coverage that protects house buyers and lenders from losses or damages caused by a faulty title. Most title insurance policies cover all common claims against a title, such as unpaid liens, back taxes, and competing wills.
How many types of title insurance policies are there?
Owner’s title insurance (an Owner’s Policy), which protects the buyer, and lender’s title insurance (a Loan Policy), which protects the lender, are the two types of title insurance.
Which of the following is not covered by a standard title insurance policy?
A normal title insurance policy does not cover which of the following? PARTIES IN POSSESSION HAVE UNRECORDED RIGHTS.
What is owner’s title insurance Georgia?
Owner insurance protects the buyer against problems that arise after the sale is completed. Human error, unpaid liens, fraudulent paperwork, unreported or missing heirs, and erroneous legal descriptions are all possibilities.
Which of the following is acceptable evidence of marketable title?
A lender’s or owner’s title insurance coverage is the best proof of marketable title. When a title insurance provider agrees to insure the title, however, the buyer or lender is assured that the title is marketable. Many title clouds, on the other hand, are acceptable and do not render the property unmarketable.
Which of the following documents Cannot be used as evidence of title ownership?
A deed is the answer. Proof of ownership establishes the marketability of a title. A deed is not regarded adequate evidence of ownership on its own.