Before you close on your real estate sale, make sure that you know your options. Could you be saving money on the title work? If you don’t specify your choice, the choice will be made for you and you may not receive the best price.
When you purchase a policy insuring you for matters relating to your car or health, the insurance company assesses the risk of insuring you, and bases its premium on the risk being assumed. With title insurance, the insurer first works to identify the status of ownership, liens and other matters affecting title by collecting documents affecting title from the public records that are statutorily identified for the recording of real estate transactions.
This process is called the search. Once the search is complete, the title insurance underwriter can then determine the insurability of the title and list exceptions from coverage and requirements to insure.
Of course, even the most skilled title professionals may not find all title problems. Other risks include matters that are more difficult to identify such as title issues resulting from filing errors, forgeries, undisclosed heirs, and other unforeseen problems. That’s one reason why your title insurance policy can play a key role in protecting your real estate investment.
When you purchase a new home or other piece of real estate by securing a mortgage, you will be required by your lender to purchase a loan policy of title insurance. This policy insures the lender against covered title defects up to the amount of the insurance. This coverage, in favor of the lender, lasts for the life of the loan under limited circumstances stated within the policy.
You will also have the option of purchasing an owner’s policy of title insurance, which provides insurance directly to the insured owner listed in the policy, and describes the type of real property interest owned. The insurance in both an owner’s and a loan policy is subject to the policy provisions, which include the covered risks, exclusions from coverage, the conditions and the exceptions to title listed on a schedule to the policy.
You will pay a one-time premium for both the loan policy and the owner’s policy at the close of your transaction, based on the total value of your home, and the amount of your loan. This is another way in which title insurance differs from other insurance models, where premiums are paid on an ongoing basis.
The purchase of a home or other real estate may be the largest financial investment you ever make. Title insurance can give you added peace of mind in knowing that the title to your investment is insured.
Over 35 Years Of Experience Servicing Our Community
About Our Company
Atchafalaya Title, LLC is a locally owned and operated real estate title company. Local attorney, Brian M. Tranchina has over 35 years of experience servicing the local community's title and real estate needs.
Atchafalaya Title, LLC is a full-service real estate title agency handling residential and commercial real estate transactions of all types and sizes.
Atchafalaya Title, LLC strives for that excellence and the personal touch in every transaction.
Atchafalaya Title, LLC is conveniently located in the newly revitalized, ever growing downtown area at 704 A Front Street, Morgan City, LA.
Brian M. Tranchina
Brian M. Tranchina graduated from LSU Law School in 1982 with his practice primarily focused on real estate and banking transactions and includes corporate, succession and collection practice.
Phone: (985) 384-1414 Fax: (985) 384-5495
704 A Front Street Morgan City, LA 70380
Disclaimer: This website is not intended to constitute legal advice or the provision of legal services. Material presented on this website is intended for information purposes only. Transmission of the information and material herein is not intended to create, and receipt does not constitute, an agreement to create an attorney-client relationship with Atchafalaya Title, L.L.C. or any member thereof.