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Copyright © 2011 - 2018 Island Title of St. Augustine LLC Managed by Cubit Designs
Island Title LLC Title Insurance and Title Agency
What is Title Insurance?
Whether you’re purchasing a new or existing home, or refinancing, title insurance protects you against any problems affecting the title to your home. Island Title of St. Augustine, LLC, wants to help you understand what title insurance is and how it protects your property rights. The Basics There are two types of title insurance: the owner’s policy and the lender’s policy. The owner’s policy protects your property rights as the homebuyer, whereas the lender’s policy insures the financial investment of the bank or lender. If someone else claims ownership of your property, title insurance typically defends you legally and financially. Common Risks Here are some examples of problems with title: Liens against the property that serve as security for the payment of an obligation (e.g. mortgage liens, judgment liens for unpaid court judgments, federal tax liens, state and local liens for failure to pay real estate taxes or assessments, mechanic’s liens to secure payment for property improvements, liens for recovery of child support payments or, as in New York City, for unpaid parking tickets). Easements that have been created by contract or arisen through use or adverse prescription (e.g. rights of way for utilities, rights acquired by neighbors because of a fence encroachment). Building or use restrictions contained in recorded plats, agreements or deeds. Claims arising out of bankruptcy. These are just some of the many reasons why getting owner’s title insurance is crucial when buying or refinancing a home. Island Title and your title insurance policy help give you peace of mind that your property rights are protected. Refinancing? When you refinance, you are obtaining a new loan, even if you stay with your original lender. Lenders will usually require a new title search and lender’s policy to protect their investment in the property. Fortunately, homeowners don’t need to purchase a new owner's policy—the one you bought at closing is good for as long as you or your family own the property. However, we encourage you to contact Island Title to update your policy to reflect changes in your life.  Enduring Value Owner’s title insurance is a low, one-time fee based on the value of your home. For example, the typical owner’s title insurance policy costs an average of 0.5% of a home’s purchase price. With a home being one of the largest investments you’ll ever make, it’s clear why getting owner’s title insurance is such a smart way to give yourself peace of mind. Contact Island Title today for more information at 904.471.7272.
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Island Title LLC Title Insurance and Title Agents of St. Augustine
Copyright © 2011 - 2018 Island Title of St. Augustine LLC Managed by Cubit Designs
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Whether you’re purchasing a new or existing home, or refinancing, title insurance protects you against any problems affecting the title to your home. Island Title of St. Augustine, LLC, wants to help you understand what title insurance is and how it protects your property rights. The Basics There are two types of title insurance: the owner’s policy and the lender’s policy. The owner’s policy protects your property rights as the homebuyer, whereas the lender’s policy insures the financial investment of the bank or lender. If someone else claims ownership of your property, title insurance typically defends you legally and financially. Common Risks Here are some examples of problems with title: Liens against the property that serve as security for the payment of an obligation (e.g. mortgage liens, judgment liens for unpaid court judgments, federal tax liens, state and local liens for failure to pay real estate taxes or assessments, mechanic’s liens to secure payment for property improvements, liens for recovery of child support payments or, as in New York City, for unpaid parking tickets). Easements that have been created by contract or arisen through use or adverse prescription (e.g. rights of way for utilities, rights acquired by neighbors because of a fence encroachment). Building or use restrictions contained in recorded plats, agreements or deeds. Claims arising out of bankruptcy. These are just some of the many reasons why getting owner’s title insurance is crucial when buying or refinancing a home. Island Title and your title insurance policy help give you peace of mind that your property rights are protected. Refinancing? When you refinance, you are obtaining a new loan, even if you stay with your original lender. Lenders will usually require a new title search and lender’s policy to protect their investment in the property. Fortunately, homeowners don’t need to purchase a new owner's policy—the one you bought at closing is good for as long as you or your family own the property. However, we encourage you to contact Island Title to update your policy to reflect changes in your life.  Enduring Value Owner’s title insurance is a low, one-time fee based on the value of your home. For example, the typical owner’s title insurance policy costs an average of 0.5% of a home’s purchase price. With a home being one of the largest investments you’ll ever make, it’s clear why getting owner’s title insurance is such a smart way to give yourself peace of mind. Contact Island Title today for more information at 904.471.7272.
What is Title Insurance?
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