Why Do I Need To Purchase Title Insurance?
There are two basic types of title insurance: a lender’s policy and an owner’s policy. The lender’s policy insures only the lender and covers the amount of their loan.
If you borrow money to buy a home, the lender will probably require you to buy a lender’s title insurance policy for the amount of their loan. The lender’s policy protects the lender’s financial interest in the property but it does not insure you, the homeowner. To protect your ownership rights and your equity, you should consider purchasing an owner’s policy. Unlike other types of insurance that protect against future events, title insurance protects you against things that occurred in the past but aren’t apparent until sometime in the future.
Although a title company examines the title records, there are risks that are not apparent at the time of the search. A title policy protects against many of these, such as fraud, forgery, defective deeds, mental incompetency, deeds not joined in by all necessary parties and even clerical errors in land records. Should the unforeseen happen, an owner’s title policy will pay the defense costs for covered claims up to the amount of the policy.
What's Covered Under Title Insurance?
An owner's policy is usually issued for an amount equal to the sales price of the home. Only an owner's policy fully protects you should a problem arise with the title that was not found during the title search.
Possible hidden title problems can include:
- Errors or omissions in deeds
- Mistakes in examining records
- Undisclosed heirs
If a covered title problem arises after you buy your home, Cambria Title is here to help pay valid claims and cover the costs of defending an attack on your title.
Cost of Title Insurance
We believe title insurance is the best insurance policy you can buy. Unlike medical, life or auto insurance, title insurance has one payment due when you buy. There are no annual fees. This one-time payment buys a policy that remains in effect until you or your heirs no longer have an interest in the home. If a lender’s and an owner’s policy are purchased at the same time from the same title company, you will receive a discount.
Title insurance costs can vary by company. We encourage you to shop around and make sure you are getting the best deal.
Call Cambria Title at 952-486-6180 for your estimate today.
Placing You and Your Home in Good Hands
The foundation of Cambria Title extends beyond insurance to Cambria countertops, the only family-owned, American-made producer of natural quartz surfaces in the United States. Our rich heritage is built on sound business principles of integrity, quality and commitment to excellence.
We're here to serve you, ease your concerns, answer your questions and make the process as easy and stress-free for you as possible.
Products and Services
Please find below a list of the products and services provided by Cambria Title.
If a service you require is not listed here, please contact us.
- Complete Residential Closing Services
We'll be there to help when it's time to sign the final papers. We will close your purchase or refinance transaction at a time and place convenient to you. Ask your real estate agent or lender to order your title and closing services from Cambria Title.
- Title Insurance
An owner's policy protects your interests and rights to a property. We offer a variety of title policies for both homeowners and lenders. If you are purchasing a property, call Cambria Title and ask about the benefits of an owner's policy.
This short 2-to 3-page report provides ownership, legal description, mortgage/lien and tax information about a property. This is a non-insured report. The information in the report is obtained from the county records.
Legal and Vesting Report
This non-insured report provides current ownership information as well as the legal description of the property.
- Document Preparation
Cambria Title is able to prepare a wide variety of documents relating to the closing process.
- Recording Services
After closing, Cambria Title will promptly forward all legal documents to the appropriate jurisdiction and ensure that they are properly recorded.
What to Bring to Your Closing
Each person signing the mortgage should bring:
- Current driver's license or government-issued photo identification
- Social Security number(s)
- Homeowner's insurance binder and one-year paid receipt
- Addresses of everywhere you have lived in the last 10 years
The closer will contact you prior to closing with the amount due and our wire instructions. Amounts due under $500 may be brought to closing in the form of a personal or cashier’s check.
Our Closing Process
(A settlement statement itemizes the costs of all the services provided to you and the fees associated with them.)
You will also receive information on homesteading your property. Homesteading is a program to reduce property taxes for owners who also occupy their homes and are Minnesota residents.