Owner's Title Insurance Explained.

Owner’s title insurance is a one-time purchase at the time of closing that protects your ownership interest in your home and real property for as long as you or your heirs own the home. Both the basic and enhanced owner’s title insurance policies protect you against claims made by prior owners, creditors, and neighboring properties. The enhnaced also protects you in the future from issues such as title fraud and future encroachments. As a buyer, you are required to purchase a loan title insurance policy for the lender, but that policy offers no protection for you.

How Owner’s Title Insurance Works:

As property changes hands, mistakes and irregularities often made long before you expressed interest in the property, and possibly outside the scope of the title exam, can place your ownership in dispute. There may be other matters that the closing attorney is not aware of, such as:

• Recent unpaid loan that the seller fails to disclose and that is not yet showing up in the real estate records.
• Fraudulent/forged deed in the chain of title that appears to be valid at the time of closing.
• False claim by the seller to be the sole owner.

Talk to the closing attorney about the coverages and importance of owner’s title insurance. If ownership of your property ever comes into question, an owner’s title insurance policy protects you from expensive legal problems that could result in the loss of your home. A one-time investment could save you thousands of dollars in the future.

New to Title Insurance? Learn more by visiting www.cticga.com or watch our explainer video now!

Important Wire Fraud alert for Homebuyers

Realtors, real estate brokers, closing attorneys, buyers, and sellers are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email.

Inquire Before You Wire

We are urging everyone to inquire before you wire.

Never rely solely on email communication. A fraudster will hack into a participant’s email account to obtain information about upcoming real estate transactions. After monitoring the account to determine the likely timing of a closing, the fraudster will send an email to the buyer purporting to be the attorney or real estate agent or another party to the transaction. The fraudulent email will contain new wiring instructions or routing information and will request that the buyer send funds to the fraudulent account.

Always follow these 2 simple steps

1. Obtain the wire instructions and phone number of your real estate closing attorney.
2. Call your real estate closing attorney to verify the wiring instructions via phone.

For more valuable tips from the CTICGA team, check out our last 3 CLE Hour and CE hour event!

This recorded UThrive CLE covered the following topics: 

• RON demo presented by Notarize
• Dirty Two Dozen Title Defects presented by CTIC/ CLTIC
• 3 Hours CLE for Attorneys and CE for Realtors

If you missed our first Live UThrive digital CLE and CE event, it's not too late for you to get your CLE credit hours! Register here to gain access to view the recorded event!