Owner's Policy
An Owner's Policy protects the interest of the owner of real estate and lists the name(s) of the new buyer as the insured party. As the new buyer, you will want assurance from the seller that the title is marketable and free from liens that could create problems in the event you should decide to sell or refinance the property in the future. The Owner's Policy does assure that the title is marketable and provides for defense of the title at the expense of the insurance company, if it is challenged or questioned by others.

Mortgage Policy
A Mortgage Policy protects the interest of the mortgage lender and lists the lender as the insured party. All lenders require the borrow to provide proof and assurance that the loan being applied for will be in the correct lien position. If the validity of the lien of mortgage is challenged or questioned, the policy provides for defense or the mortgage interest.

The Difference
The Owner's Policy is always in the full face amount thereof, and continutes as long as the owner or his/her heirs have an interest in the property, while the Mortgage Policy protection terminates immediately when the loan is paid off.

Cost of Title Insurance
The cost depends upon the face amount of the policy issued. The face amount is normally the markey value of the real estate in the case of Owner's Policy, and the amount of the loan in the case of a Mortgage Policy. Only one premium is paid and the protection lasts as long as the insured has any interest in the property.

When property is transferred or sold at a later date and an existing Owner's Policy is surrendered, an Owner's Policy will be issued protecting the new purchaser at a reduced premium.

When an Owner's Policy and Mortgage Policy are issued simultaneously on the same land, special reduced rates are applicable.

Benefit of Title Company closing
Title Insurance companies and agents act as neutral third party settlement agents to close a real estate transactions. The buyer, seller and lender all benefit when a impartial third party receives money, records documents and disburses sale and loan proceeds. We maintain a non-biased attitude through the closing process, in this way, we view the process as a whole and can best conclude each individual transaction.

Tenants by the entirety
A form of ownership by husband and wife whereby each owns the entire property. In the event of the death of one, the survivor owns the property without probate.

Tenancy in common
An undivided ownerhsip in real estate by two or more persons. The interest need not be equal, and, in the event of the death of one of the owners, no right of survivorship in the other owners exist. A probate would be required.

Joint Tenancy
An Undivided interest in property, taken by two or more joint tenants. The interest must be equal, occurring under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.