When you’re buying a home or any investment for that matter, it can be overwhelming, but it’s important to safeguard your ownership. Title insurance gives you peace of mind. Whether you’re a homebuyer or a real estate professional, Delta Title Corporation can ease your worries and offer you the protection of a title insurance policy.
What Is Title Insurance for Residential Properties?
Title insurance protects purchasers from a number of risks that can arise in a real estate transaction. Any of these risks, and many others, can put the owner’s or lender’s interest in jeopardy or, at the very least, cause problems in subsequent transactions. Types of risks include:
- Clerical errors
- Forgery, Fraud, Incompetency and Incapacity
- Unknown heirs
- Unpaid taxes and assessments
- Unpaid judgments and liens
- Unreleased mortgages
- Lack of legal access to the property
For example, clerical errors, forgery, and fraud are issues that are protected under a title insurance policy. In addition, past instances of unpaid liens or taxes, or even an unknown heir, may jeopardize your ownership interest. Title insurance protects your investment, covers related legal costs, and more.
A lender’s title insurance policy is required for all transactions involving a loan. If you are taking out a mortgage, the bank requires a lender’s policy for their protected interests. Delta Title will take the steps necessary to protect both the interests of you and your lender during the closing process.
Title insurance is always important, and is particularly recommended when it comes to REO (or real estate owned) properties or relocation properties being handled by relocation firms. You can learn more about title insurance for these kinds of properties here.
Do I Need Title Insurance?
In short, the answer is YES. We highly recommend that all of our clients protect their biggest investment with an owner’s policy. It’s simply a one-time policy premium collected at closing and remains valid for the term that you own the property.
Frequently-Asked Questions About Residential Title Insurance
At Delta Title, we work with many real estate professionals directly. As a homebuyer, though, you may have questions about your unique circumstances. We’ve provided information about the most common issues below.
Still have questions? Always feel free to contact our team for help or a quick quote.
What Is the Title Process?
After you have executed a purchase agreement, contact Delta Title Corporation. At this point, we will order an abstract (history of transactions pertaining to your property). One of our attorneys will examine prior ownerships, tax history, and any liens or judgments that may appear on the records.
Once we have clear title, we are ready to close your transaction. However, if you are obtaining a loan to purchase the property, the lender will let us know when they are clear on their end. Your lender will be in close contact with us during the process and will let us know when to set the closing date. We will notify you of the funds that will be necessary for closing. We accept wire transfers or a personal check if amount owed is less than $2500. If money amounts to $2500 or more, you will need to obtain certified funds or send a wire.
On closing day, it’s important to arrive with necessary documentation. Whether you’re buying or selling, a state issued-government ID is required. Sellers should also bring any keys, important codes, and garage door openers that need to be passed on to the buyers, as well as existing warranty documents.
Why Choose Delta Title
The team at Delta Title Corporation is committed to servicing your needs for Louisiana and Mississippi, with multiple convenient locations across the Louisiana.
We know that every closing is different and requires the utmost care and attention to detail. Our goal is to help you streamline the closing process with effective and responsive communication.
At Delta Title Corporation, we can answer your questions, provide you with peace of mind and give you the professional service you deserve. Use our convenient and simple form to request a quote today.