| What is Title Insurance? |
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Title insurance is a contract of indemnity in which the title company guarantees title to real estate against certain risks that may in some way interfere with the owner’s right to title and possession of the property.
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| Is There More Than One Type of Title Policy? |
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Yes. There is an owner’s policy and a lender’s policy. The owner’s policy protects the purchaser for as long as he owns the real estate. The lender’s policy protects the lien holder until the mortgage is paid in full.
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| What is the Cost of a Title Policy? |
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The title policy premium is paid only once at the time that the policy is issued. The cost of the title policy will depend on the coverage requested, and costs differ from area to area.
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| Can I Purchase a Title Policy Overseas? |
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Yes. Title insurance policies are available in more than 50 countries throughout the world. The International Policy forms issued by one of the underwriters of Fidelity National Title Group are based similar to those on American Land Title Association (ALTA) policies. If there is a dispute concerning items of coverage, those matters will be resolved in the United States.
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| What Happens if There is a Claim? |
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Claims are handled by the U.S. based claims department for Fidelity National Title Group. Upon notification of a potential claim, claims personnel work to determine the extent of the loss or claim and take immediate steps to resolve the issue. As with claims involving U.S. property, Fidelity National Title Group's policies provide for the cost of defense against covered attacks.
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| The Lawyer in the Foreign Country Says I Do Not Need a Title Insurance Policy. Is this True? |
| While title insurance may not be customary in every country, policies offer important protections not otherwise available in the local system. Policies provide affirmative coverage, are backed by claims-paying reserves and don’t require the insured to prove negligence against the title insurance company. |
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| Would I Still Need a Title Policy Even Though the Foreign Government Guarantees Title? |
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Absolutely! The government does not necessarily guarantee against all title issues; there are a number of issues that cannot be discovered by merely checking the record. The FNTG underwriters supporting Global Solutions cover such items as adverse possession and prescriptive easements, as well as boundary issues when a valid survey exists.
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| How Else Can I Benefit from an International Title Policy? |
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More and more, the title policy is viewed as a "credit enhancement" tool in cross-border transactions. Because the title policy absorbs various risks concerning the real estate, the lender will often consider more favorable loan terms as they are no longer the sole risk underwriter.
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