Frequently Asked Questions
What is title insurance?
Title insurance protects you against loss resulting from title defects, known or unknown at the time of sale. In North Carolina, attorneys will do a thorough examination of all relevant documents and records affecting the ownership of the property you are purchasing. Even the most diligent title search will not uncover a “hidden defect” that has not been recorded in the public records.
Why do I need title insurance?
To protect one of the most important investments you will ever make. Lenders go to extraordinary means to minimize their risk of lending money for your purchase and in so doing, the lender obtains a lender’s title insurance policy to assure that their investment in your property is protected.
Doesn’t the lender’s policy cover me?
No. The lender’s title insurance policy only insures the lender’s interest in your property. Without an owner’s policy, you are not protected.
How much does title insurance cost?
The one time premium is based on the sale price of the home you are purchasing. The rates are governed by the North Carolina Department of Insurance. This one time premium covers you for as long as you hold an interest in the property.
What is a title search?
A title search is a thorough examination of the public records affecting the property to be insured. A title search is a way to verify that the person who is selling the property has that right and that the buyer is getting all the rights to the property that he or she is paying for. Records in the local registry, tax records and judgment indexes are searched to discover if any claims, defects or other issues affect the property.
There are some problems that cannot be uncovered by even the most diligent title attorney. Click here for the top 21 Hidden Title Defects.
Do I have a choice in selecting a title company?
Absolutely. It is important that you look for a title insurer that has the financial strength and resources to protect your new investment. Guaranty Title, LLC, as an agent for Chicago Title and First American, is part of two of the largest and most financially sound title companies in the country. We have the reputation and stability to ensure you have a seamless transaction and in the event a claim is filed against your property, you can be assured that Guaranty Title will be able to provide you with efficient and dependable resolution.