Do You Get Title Insurance Without A Survey?

Title insurance is a type of compensation insurance that provides coverage if the home buyers and the lenders face financial loss because of defects in a title to a property. There are various types of title insurance including,

• Lender’s title insurance- The borrower buy the insurance policy to protect the lender;
• Owner’s title insurance- The seller buys the purchase for protecting the buyer’s equity in the property.

Few Facts

1. There are various claims that are filed against a title are conflicting wills, liens and back taxes;
2. Any real estate transactions should have a clear title so that it can ensure that the property is free from liens.

When you purchase a house, you have to contact a title insurance company. According to the layman’s terms, the company researches the history of the property and ensures the fact that the ownership of the property can transfer from one man to another legally. To do that you have to hire a boundary survey company.

Advantages

Basically, the title company gives an insurance policy about your ownership of the property. If a mistake occurs, then the insurance policy will help you if any financial investment is made. Keep in mind that title insurance provides coverage to the property owner who purchases the property and the lender/mortgage company. The title company also provides survey coverage to the property buyer if he or she does a boundary survey on the particular property. Not to mention, the lender is also provided the survey insurance on their policy.

What Should You Check?

You can find which items are covered and not covered within the title commitment which is under Schedule B Section II. Remember that even after doing a boundary survey, you may not be insured about a few items. For instance, if you notice that a fence is located on the wrong property, then you do not get coverage. You should do the survey as quickly as possible because if there is any concern, then you can discuss it with the title company. As a result, everyone can be informed about the matter in detail and insured properly.

Contact Us

If you want to perform a boundary survey, then contact professional surveyors. To do that you should consult with Red Hawk Surveying in Edmond. The professionals will help you in this matter.