We know that buying a house is a big deal and not something that you do every day. We do, do this every day, we know the fine details of your closing, so you don't have to.
1. What is title and title insurance? A title is a legal right to ownership of a property, including the right to sell. Title insurance is a way to protect yourself from financial loss and related legal expenses in the event there is a defect in title to your property that is covered by the policy. Title insurance differs from other types of insurance in that it focuses on risk prevention, rather than risk assumption. With title insurance, title examiners review the history of your property and seek to eliminate title issues before the purchase occurs. Title insurance also differs in that it comes with no monthly payment. It’s just a one-time premium paid at closing.
2. Do I need title insurance? Absolutely. Title insurance is a way to protect what is likely your largest investment—your home. An Owner’s Policy provides peace of mind that your title company will stand behind you if a covered title issue or defect arises after you have bought your home.
3. What does title insurance cover? Any number of title issues may arise, even after the most meticulous search of public records. These hidden defects are dangerous because you might not learn about them for months, or even years, after purchase. Some common examples of risks covered by your Owner’s Policy include defects in title caused by: Improper execution of documents, Mistakes in recording or indexing legal documents, Forgeries and fraud, Undisclosed or missing heirs, Unpaid taxes and assessments, Unpaid judgments and liens, Unreleased mortgages, Mental incompetence of grantors on the deed, Impersonation of the true owners of the land by fraudulent persons, and/or Refusal of a potential purchaser to accept title based on the condition of the title
4. How much does title insurance cost? The one-time premium that you’ll pay for a title insurance policy varies by state, but generally is related to the value of your property. You can use our underwriter, Old Republic Title's Rate Calculator to estimate how much your title insurance policy may cost.
5. What is the difference between Owner's Title Insurance and Lender's Title Insurance? An Owner’s Title Policy is designed to protect you from covered title defects that existed prior to the issue date of your policy. If a valid claim is filed, your Owner’s Policy, subject to its terms and conditions, will cover financial loss up to the face amount of your policy. A Lender’s Policy provides no coverage to the homeowner. A Lender’s Policy insures that your lender has a valid, enforceable lien on your property. Most lenders require borrowers to purchase this type of insurance policy to protect their investment.
6. What is "enhanced" or "expanded" title insurance and do you need it? We offer an "enhanced" or "expanded" policy, which offers additional coverage from the “standard” coverage to the homeowner. For example, a “standard” policy covers the homeowner for matters affecting title up to and including the date of the recordation of the Deed, while its “enhanced” policy provides coverage for additional risks, many of them pertaining to future coverage and automatic increases of coverage to cover increases in the value of property. Although, the enhanced policy premium higher than the standard policy premium, the reality is a minimal cost to the homeowner for the ability to substantially reduce their risk and exposure on one of the largest investments they will make in a lifetime.
This packet of documents relating to a real estate purchase agreement is made available to assist you in the furtherance of a real estate transaction. We at Midwest Title, like all title companies, are prohibited by law from helping you fill out these forms, advising you about the forms, or negotiating any part of a real estate deal. As a matter of fact, we have an attorney who we call on when we have questions of a legal nature, and it proves very beneficial to us. Also, these forms do not cover all circumstances. For instance, sometimes a home inspection is requested and the right provisions have to be made for that. Also, sometimes a person makes the purchase of a home contingent upon the sale of theirs. Nothing in these documents covers that. You should have a lawyer for those matters. Finally, you may have legal questions about the meaning of some of the items on these forms and you should know the legal answers before you proceed. Our attorney, Thomas J. Anderson, Esq. has authorized us to use his name as a reference for anyone who needs legal services in connection with these, or other matters. He has been a Nebraska and Iowa lawyer for 29 years, and he can inform you about fees and charges when you contact him. His number is 884-4430 or firstname.lastname@example.org and if you should call him, you should mention that you were referred by us. If you have another attorney instead, we absolutely encourage you to contact your attorney regarding the impact of these forms and to assist you in this very important real estate transaction. After negotiations of the purchase contract we will open escrow and perform the following: 1. Issue a title insurance commitment and take the necessary actions to convey clear and marketable title to real estate. 2. Act as agent during closing procedures as well as coordinate time and place for closing 3. Order the wood destroying insect inspection and plot plan as required by the buyer’s lender. 4. Order payoff information from current lien holders as disclosed in the title insurance commitment. 5. Prepare the settlement statement and balance figures with the buyer’s lender. 6. Record all legal documents in the transaction at the county courthouse where the real estate is located. 7. Disburse all funds according to the settlement statement to insure proper payoff and clear title.
add $75.00 - Simultaneous Issue Charge
add $25.00 - ALTA 5 Planned Unit Development (PUD)
add $25.00 - ALTA 8.1 Environmental Lien Protection
add $25.00 - ALTA 9 Restrict, Encroachment, Minerals
add $25.00 - ALTA 22 Location.
add $25.00 - Insured Closing Protection Letter
For Other Endorsements Call for quotes (Most are $25.00)
$275.00 - Lender Closing Fee Refinance
$250.00 - Lender Closing Fee Purchase (Buyer Charged)
$600.00 - Escrow Closing Fee (Buyer/Seller split)
Nebraska Filing Fees
first page - $10.00
for each additional page - $6.00
Iowa Filing Fees
first page - $7.00
for each additional page - $5.00
*To be used as an estimate and not a quotation or guarantee. Please call one of our licensed producers to obtain a quote.