TITLE INSURANCE PROTECTS YOU IN SEVERAL WAYS
Everyone understands the risk of human error in such a complex process. However, where your property title is concerned, there is no room for error. A deed merely transfers the property rights from the seller to the buyer. ACTS underwrites title insurance for two nationally recognized providers Chicago Title Insurance Company, Commonwealth Land Title Insurance Company and Old Republic Title Insurance Group. We handle closings in Maine, New Hampshire and Massachusetts. Title insurance provided by ACTS covers any of the following events that may jeopardize a clear title.
- Despite an extensive title search, there may be liens or claims to the property that remain undiscovered. Title insurance protects you from liens due to unpaid taxes, liens due to unpaid debts, mining, oil or air rights.
- Any mistakes in the "chain of title."
- Lawsuits or claims against the property itself.
- Insurance that all taxes and assessments have been paid.
- Any additional hidden risks.
ACTS OFFERS TWO TYPES OF TITLE INSURANCE
The Lender's Policy provides the following protection to the lender until the mortgage is paid in full.
- Lenders are automatically covered to 125% of the loan amount.
- Mechanics lien coverage protects the lender for work done after the date of policy.
- Subdivision coverage protects the lender against an improperly created subdivision.
- Lenders are also protected against home improvements implemented after the policy date without proper permits.
The Owner's Policy provides the following protection to the new property owner. These are just a few examples of the situations covered by the owner's policy.
- The policy protects the new owner from liability for undischarged liens and/or mortgages by prior owners.
- Mechanics lien coverage protects the owner for work implemented prior to the date of policy, unless the work was previously agreed upon.
- Subdivision protection - up to $10,000 - protects against an improperly created subdivision.
- Up to $25,000 is covered if an existing structure needs to be removed because the prior owners:
- Failed to obtain a building permit.
- Encroached on a neighbor's property.
- Violated restrictions.
Owner's title insurance requires a one-time premium, and no deductibles apply!