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Our Concierge Title Services
Whether you’re purchasing real estate, selling an existing property, or refinancing, we’re your trusted leader in the title insurance and escrow space.
Serving Cleveland, Akron, Medina, and surrounding areas.
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Buying a home is an exciting and emotional time for many people. To help you buy your home with more confidence, make sure you get owner’s title insurance.
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FREQUENTLY ASKED QUESTIONS
What is title insurance?
If you’re buying a home, title insurance is a policy that protects your investment and property rights.
There are two different types of title insurance: an owner’s policy and a lender’s policy.
- An owner’s policy is the best way to protect your property rights. Either the buyer or seller may pay for this policy. Ask your title professional how it’s handled in your area.
- A lender’s policy is usually required by the lender and only protects the lender’s financial interests. The buyer typically pays for this policy, but that varies depending on geography. Ask your title professional how it’s handled in your area.
Why should I purchase owner’s title insurance?
Owner’s title insurance protects your investment in your property from certain future legal claims regarding ownership of your property. For a one-time fee, you and your heirs receive coverage for as long as you own your home. The owner’s policy also covers potential legal fees and court costs for settling claims covered by your policy.
In short, title insurance protects you from hidden risks not revealed by an examination of the public records.
Common examples of hidden risks include:
- Forgery or Fraud
- Missed Taxes or Mortgage Payments
- Unknown Liens against the property
- Property line disputes
- Undisclosed or Missing Heirs
- Incorrect Legal Descriptions
- Conveyance By a Minor
- Incorrect Indexing at the Courthouse
- Mental Incompetence of Grantors
- Missed Easements
What does owner’s title insurance cover?
Sometimes undiscoverable defects can come up after the title search. Under an owner’s title insurance policy, you are protected against certain undiscovered errors in the title.
Title issues include unknown:
- Outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes
- Pending legal action against the property that could affect you
- Unknown heir of a previous owner who is claiming ownership of the property
Unforeseeable title claims include:
- Forgery: making a false document
- For example, the seller misrepresents the identity of the person who sold the property.
- Fraud: deception to achieve unfair gain
- For example, someone steals your identity and either sells your house without your knowledge or consent, or takes out a second mortgage on the property and walks away with the money.
- Clerical error: inconsistent paperwork and historical records
- For example, an unforeseeable discrepancy in the property or fence line can cause confusion in ownership rights.
What is escrow?
Escrow refers to a third-party service that’s usually mandatory in a home purchase. When a buyer and seller initially arrive at a purchase agreement, they select a neutral third party to act as the escrow agent. The escrow agent collects what is known as “earnest money” from the buyer: a deposit that is equal to a small percentage of the sale price. In exchange, the seller takes the property off the market. Until the final exchange is completed, both the buyer’s deposit and the seller’s property are said to be in escrow.
I am proud to lead our great team at Black Tie Title. Our management team brings over 60 years of combined market experience. Collectively, we have seen this business from many different perspectives over the course of our careers.
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