WHY TITLE INSURANCE

A Title Insurance Policy insures that as the new owner, your title for the property is free and clear of any possible encumbrances, and that you have clear title from the seller. A title insurance policy insures that you will stand protected from loss or damage as a result of any title defects. Some possible encumbrances include false impersonation of the true owner of the property, forged deeds, releases or wills, mistakes in public records, fraud and incorrect property descriptions. Moore Title will provide a thorough search of the public records to reveal possible liens, claims or encumbrances against the property.

There are two primary types of title insurance policies.

• The Owner's Policy:
  The Owner's Policy is issued to the new Owner, insuring that the Title to the property they are purchasing, is delivered to them without any restrictions or encumbrances.
  
  
• The Mortgagee's Policy
  The Mortgagee's Policy is issued when there is a Mortgage Lien to be issued on the Property. It insures that the title to the property for which they are lending funds is free and clear of any encumbrances.

ESCROW SERVICES

As an Escrow Agent, Moore Title is a neutral third party who can carry out the instructions in a purchase agreement between the buyer and seller or the borrower in a refinance situation. We can also handle all of the disbursement associated with the closing.

We offer three primary types of Escrow closings.

• Purchase/Sale
  Involving both a buyer and a seller, you can count on Moore Title to provide the highest quality service and attention to the details whether you're the Realtor, Attorney, Lender, Builder or Developer.
• Refinancing
  Refinancing is the process of obtaining new lender financing on a property. There are several reasons to Refinance. The most common is when the initial financing was at a much higher interest rate thus refinancing at a lower interest rate would reduce the monthly payments.
• Commercial
  Moore Title has some of the best commercial Closers in the area. We are experienced in all types of commercial closings.

The escrow process was developed to help facilitate the sale or purchase of your home or property. The escrow holder does this by:

• Acting as the impartial "stakeholder" or depository of documents and funds.
• Processing and coordinating the flow of documents and funds
• Keeping all parties informed of progress
• Responding to lender's requirements
• Obtaining approvals of reports and documents as required
• Prorating and adjusting insurance, taxes, rents, etc.
• Recording the deed and loan documents
• Maintaining security and accountability of moneys owed and owing

SURVEYS

What is a survey?

A survey is a geographical description of the boundary of a particular piece of property. It gives the dimensions and acreage of the property being bought or sold and provides a tangible representation of the property.

Why do you need a survey?

Surveys are done in order to produce a reliable, current description of the property in question. Many times a title company will request that a survey be completed because of doubt about the legal description of the property that may have arisen during search and examination of record-title. If you choose not to have the property surveyed you are demonstrating a willingness to assume any risk of problems that a current survey might disclose.

WHAT'S IN A TITLE SEARCH

A title search is a means of determining that the person who is selling the property really has the right to sell it, and that the buyer is getting all the rights to the property (title) that he or she is paying for.

The title insurance company will, at its own expense, defend the title and will pay losses within the coverage of the policy if they occur.

Chain of Title

This is simply a history of the ownership of a particular piece of property, telling who bought and sold it, and when. The information may be derived from public records - or obtained from title plants privately owned and maintained by title companies.

Tax Search

This is a search to determine the present status of general real estate taxes against the property. The tax search will reveal if taxes are current or whether any taxes are unpaid and/or past due from previous years.

If a buyer purchases property with unpaid and past due taxes or assessments against it, he or she is likely to find a government body - county or state - placing the property up for sale to pay those taxes or assessments. Title insurance protects the buyer against loss from unpaid and past due taxes and assessments.

Judgment and Name Search

One of the most important parts of the title search is to determine if there are any unsatisfied judgments against the seller or previous owners which were in existence while they owned the title. A judgment is a general lien against the debtor's real estate and constitutes security for any money owed under the judgment. The real estate can be sold to satisfy the judgment.

COMMITMENT

When these searches have been completed, the title company issues a commitment to insure, stating the conditions under which it will insure the title. The buyer and seller and the mortgage lender can proceed with the closing of the transaction after clearing up any defects in the title which may have been uncovered by the search and examination.

In order for a title commitment to be considered complete, it must include the commitment jacket countersigned by the title agent, completed schedules A, B, C and D, as well as the Conditions and Stipulations. You should review your commitment carefully before your closing. You may wish to have an attorney review it for you.