1. What is title insurance?
Title insurance is a contract to protect an owner against losses arising through defects in the title to real estate owned. If the title is insurable, the company guarantees the owner against loss due to any defect in title or expenses in legal defense of the title pursuant to the terms of the policy.
2. What does title insurance cost?
The cost is directly related to the value of the property. The higher the value, the more coverage is needed. The premium is small compared to the total purchase price. The premium is paid only once and remains in force for as long as the property is owned by the insured and continues to protect the insured on warranties after it is sold.
3. How does title insurance protect my investment if a claim should arise?
If a claim is made against your property, title insurance will, in accordance with the terms of your policy, assure you of a legal defense - and pay all court costs and related fees. Also, if the claim proves valid, you will be reimbursed for your actual loss up to the face amount of the policy.
4. I thought my loan policy will protect me, true?
The loan policy protects the lender against loss due to unknown title defects. It also protects the lender's interest from certain matters, which may exist but may not be known at the time of sale.
This policy only protects the lender's interest. It does not protect you. That is why you need an owner's policy, which can be issued at the same time as the loan policy for a nominal one-time fee.
5. What is re-issue credit?
A reissue credit for title insurance may be available to the party responsible for the purchase of the title insurance policy if a title insurance policy has previously been issued on this property (by any title insurance company). The reissue credit involves a discount from our underwriter's standard title insurance rates based on the face amount of the previous title insurance policy.
Alpine Title Services
6 Pleasant Street
Conway, NH 03818
Tel: (603) 447-5835
Fax: (603) 447-5838