Buying and selling a property is a big deal – we get it. This is why Juniper partners with some of the oldest and most respected Title Insurance Underwriters in the nation.
Companies that underwrite title insurance policies vary greatly in the most important factors: strength, security and longevity. Juniper Title has built relationships with some of the oldest and most respected title insurance underwriters in the nation. These companies provide assurance of coverage against potential claims.
- Fidelity National Insurance Company
- Chicago Title Insurance Company
- Alamo Title Insurance Company
- Commonwealth Land Insurance Company
How Title Insurance Works:
When you purchase a property, you receive a legal instrument most often called a deed. A deed is a record that shows the transfer legal ownership, or “title” from one person to another. Title clearance is the process of performing a title search of relevant records concerning the property. This action is usually performed by a Title Company and often overseen by a Real Estate Attorney.
A report is issued which gives information about the present and past ownership of the property. It will also list potential exceptions to insurance policies. In other words, the title search company will find out if anyone else claims to own the property or if there is a legal action against the property such as a tax lien.
Title insurance provides you and your lender (if applicable) protection if there is a claim against property. Examples of common claims can be a previous owner’s failure to pay taxes (tax liens), contractors who say they were not paid for work completed before the property was sold or a dispute of the prior ownership of the property.
If there is a claim against the property, the Title Insurance Company will step in and investigate. If the claim is legitimate, you and your lender will also be protected financially by the insurance provider.
In most cases the seller purchases a title insurance policy for the buyer of the property as an act of good will and confidence. Furthermore, the buyer purchases a title insurance policy for the entity or “lender” who provides funds for the purchase.
The Title Company’s Role
The title company will have staff that oversees and performs the searches necessary for title clearance. In Texas, the title company also executes the collection and allocation of funds (link to escrow) for buyer, seller, lender and insurance company.