Learn About Title
Old Republic National Title & Community Title
Old Republic National Title Insurance Company is Community Title’s underwriter. Old Republic and Community Title collaborated March 1, 2001 and they have been our only insurer.
For over 100 years, Old Republic National Title Insurance Company has been providing title insurance for you and your customers all across the nation. They have built their success on a sturdy foundation of proven financial strength, incomparable title expertise, and exceptional service.
Old Republic National Title and Community Title offers the distinctive service you deserve.
Title Insurance
The decision to purchase a home is one of life’s most gratifying experiences and most likely your customer’s biggest investment.
As your customer approaches closing day, all those details can be very overwhelming.
Title Insurance translates to a greater peace of mind for homebuyers.
Virtually every real estate contract requires that the seller provide the buyer with proof that the seller actually owns the real estate, this form of proof in the state of Wisconsin is called “title insurance.”
What is Title Insurance?
Title Insurance is a contract of indemnity between the insurer and the insured.
The insurer undertakes to compensate the insured for actual monetary loss suffered by the insured due to defects, liens, or encumbrances that occurred prior to the “effective date” of the policy and which are not specifically excluded by or an exception from the policy.
Title insurance differs from other types of casualty insurance (fire, auto, life) in that it covers matters, which precede the date of coverage, whereas, other casualty insurance covers matters which occur subsequent to the policy date.
In addition, title insurance requires only a one-time premium versus annual premiums for other types of casualty insurance.
What Makes up Title Insurance?
The history of the property is searched in the records of the Register of Deeds, the Treasurer’s Office, the Child Support Lien Docket, the Clerk of Court’s Office, and in some cases the Department of Financial Institutions and Bankruptcy Courts.
A Title examiner analyzes the results of the search. Title examiners have many responsibilities when examining a property file.
- Verify a complete chain of title.
- Review copies of deeds to verify all legal requirements met for a valid transfer of real estate.
- Review tax and special assessment searches for accuracy and completeness.
- Review court proceedings if any, to verify their impact on the title and transaction. (Child Support / Judgments / Divorces, etc.)
- Review outstanding mortgages liens not satisfied whether current owners or past owners.
After completing the analysis, the title examiner prepares the commitment with the appropriate exceptions.
Once the transaction has closed, the agent updates the title search to show the recording of the closing documents. The update will also show any matters recorded on filed between the effective date of the commitment and the recording of the new deed and mortgage also known as the “Gap.”
What Does Title Insurance Cover
The Owner’s Policy of Title Insurance insures the purchasers as to their new status, as record owners of the property and assures them that, as of the date of the policy, there are no defects, liens, encumbrances or other matters, which affect their title, other than those that have been disclosed or otherwise excepted or excluded under the terms of the policy.
The Homeowner’s Policy of Title Insurance helps to protect against losses and defects and provides legal defense for coverage risks.
The Lenders Policy of Title Insurance insures validity of the new mortgage, insuring that it is not a forgery or unenforceable for any other reason. Most importantly, the loan policy insures the priority of the mortgage lien as of the date of the policy. It does not protect the buyer.
Should I Shop Around For Title Insurance?
Many states closely regulate rates. The State of Wisconsin/ Dane County permits open competition, which often results in significant differences in rates and coverage between title insurers. It pays to investigate your options carefully and work with a title agent and insurer that responds readily to your needs and performs it complex tasks with great accuracy.
It is also vital, too, that you choose a title insurance agent with the financial strength and stability to meet your obligations, through good times and bad, over the long term.
How is The Buyer Protected?
The Homeowner’s Policy of Title Insurance will automatically increase by 5 – 10% in value each year for the first five years to help cover increases due to inflation.
Provides complete coverage for as long as your customer owns the home.
There can be any number of problems that remain undisclosed even after the most careful search of public records.
Your customer could be forced to spend substantial money on legal defense to protect their rights.
Who Should Handle The Closing?
Your title agent should conduct the closing because they act as a clearinghouse for the parties involved.
We are fully prepared to work with you from the beginning of your transaction all the way through to conclusion. When you work with people, you trust you can be confident that you will enjoy a successful closing.
