The majority of real estate transitions will require the purchase of title insurance, but most parties involved don't fully understand what it is, how much it costs, why it matters and what to expect when purchasing. Jo Ann Koontz and Jackie Durham (Koontz & Associates, PL) explain the basics of title insurance and why it could save your house and your money.
1:14 What is title insurance and what does it cover?
2:54 What is a title?
6:42 Lot/Block Definitions.
8:12 Reporting mistakes.
11:09 Title insurance protects against claims from the past.
13:32 Problem with pushing back against title insurance.
16:54 Types of policy.
19:43 Title insurance when purchasing under fair market value.
26:22 Form 9 Survey Endorsement
29:09 Process of issuing title insurance:
31:52 Searches for code enforcement issues, violations, etc.
33:02 What is the survey?
37:04 Rates set by state: premium based on price of property. Disruptions of coverage.
39:44 Endorsements.