You have questions, we have answers; we’re always happy to provide clarity and guidance.
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.
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. Amounts due under $1,000 may be brought to closing in the form of a personal check.
- Errors or omissions in deeds
- Mistakes in examining records
- Undisclosed heirs
- The Cambria Title closer will explain and walk through your settlement statement with you.
(A settlement statement itemizes the costs of all the services provided to you and the fees associated with them.)
- The closing documents will be reviewed with you, signed and notarized by the closer.
- Funds will be collected and disbursed according to the settlement statement.
- If you are buying a property, you will have the opportunity to purchase an owner’s title insurance policy.
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.
The cost is based on the value of your home. It is a one-time only expense, paid when you purchase your home, yet it continues to provide complete coverage for as long as you own the property.
Call Cambria Title at 952-486-6180 or use our calculator for your estimate today.
Complete Residential Closing Services
We'll be there to help when it's time to sign the final papers for the following: Purchase Closings, Refinance Mortgage Closings, Reverse Mortgage Closings and Second Mortgage Closings. In-home and after business hours closings are available for refinance transactions. How do you get started? Just ask your real estate agent or lender to order your title and closing services from Cambria Title.
Owner’s Title Insurance Policy
To protect your interests in a property you should consider purchasing an owner’s policy. Owner’s title insurance is purchased with a one-time premium payment paid at closing and it provides you protection for as long as you or your heirs have an interest in the property. Before a policy is issued, a title search is completed. This involves verifying the seller’s right to sell the property. This process aims to alert everyone to any problems with the title that need to be addressed prior to the closing. But sometimes even the most thorough search fails to uncover something. Some common examples of hidden risks covered by title insurance include:
- Undisclosed liens
- Unmarketability of your title
- Someone claiming an ownership interest in our title
ALTA Enhanced Homeowners Policy
Cambria Title is pleased to offer the ALTA Enhanced Homeowners Policy. The enhanced homeowner’s policy covers everything in the standard owner’s policy and much more. The homeowner’s policy offers expanded coverages for a total of 32 covered risks. Some of these include:
- Zoning violations
- Improvements that encroach into an easement
- Lack of legal vehicular and pedestrian access
- Subdivision law violations
Lenders Title Insurance Policy
If you are purchasing a property with financing most lenders will require you to purchase a lenders title insurance policy. A lender’s title insurance policy protects the lenders stake in the property - not yours.
Property Reports/Owner's & Encumbrance Report: 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 & Vesting Reports: This non-insured report provides current ownership information as well as the legal description of the property.
Cambria Title is able to prepare a wide variety of documents relating to the closing process.
Document Recording Service including e-recording where available. After closing, Cambria Title will promptly forward all legal documents to the appropriate jurisdiction and ensure that they are properly recorded.
New Construction Closings & Disbursement
Assessment Searches, Plat Drawings, Flood Certifications, Tax Certifications, Notary Services and Document Retrieval