Title insurance protects both the seller and buyer of real estate by insuring against financial loss arising from defects in the title. It is meant to protect financial interests in real property against loss due to title defects, liens, survey defects or other matters. A covered party will be defended against any lawsuits attacking the title and will be reimbursed for actual monetary loss incurred from a title defect up to the dollar amount of insurance provided by the policy.
There are two types of title insurance policies –
- Owner’s Policy
- Loan Policy
The owner’s policy insures the new buyer. The loan policy insures the buyer’s lender. Nearly all mortgage lenders require title insurance at the time of the purchase of the property or a refinance to protect their interest in the real estate.
A loan policy provides no coverage or benefit for the buyer/owner so the decision to purchase an owner policy is independent of the lender’s decision to require a loan policy. In Illinois, the seller usually purchases the owner’s policy and the buyer purchases the loan policy. Premiums are typically based on the sales price and can vary from transaction to transaction depending on particular requirements.
Bond Title Services, Inc. is a boutique title insurance agency wholly owned by the Law Offices of Thaddeus M. Bond, Jr. & Associates, P.C. We are underwritten by the largest and most solvent title insurer in the nation. Our full service agency completes its own title searches, title commitments and policies on behalf of our underwriter. We are also a licensed escrow agent and handle closings ourselves rather than through a third party vendor.
Though not required, we recommend that all property sellers who retain our law firm to handle a closing also use Bond Title Services, Inc. This one stop approach eliminates many of the problems and delays which arise when other lawyers outsource title and/or escrow services to third parties. Our clients and the other parties to a real estate transaction always walk away impressed with the efficiency of our operation.
Bond Title Services, Inc. is also available to assist mortgage lenders in both northeast Illinois and southeast Wisconsin with title insurance and escrow closing services required for mortgage refinances. Additionally, we frequently assist banks, lenders and tax sale certificate holders with the title searches they need to assist them with foreclosure of their liens.
Contact us now if you are interested in using Bond Title Services!