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Tallent Title Group, Inc. - QA: Title Insurance

A. To protect possibly the most important investment anyone will ever make - the investment in real estate. A lender goes to great lengths to minimize the risk of lending money for the purchase of real estate. First, credit is checked as an indication of the borrower's ability to repay the loan. Then, the lender seeks assurance that the quality of the title to the property to be acquired and which will be pledged as security for the loan is satisfactory. The lender does this by obtaining a loan policy of title insurance.

A. 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 the sale. But, this policy only protects the lender's interest. It does not protect the borrower. That is why a real estate purchaser needs an owner's policy, which can be issued at the same time as the loan policy, usually for a nominal one-time fee.

A. If the lender has title insurance protection and the owner does not, what possible danger of loss exists? As an example, assume real estate was purchased for $100,000. A down payment of $20,000 is made, and a lender holds an $80,000 mortgage lien, or beneficial interest. The lender acquires title insurance protecting the lender's interest up to $80,000. But the purchaser's down payment of $20,000 is not covered. What if some matter arises affecting the past ownership of the property? The title insurance company would defend and protect the interest of the lender. The purchaser, however, would have to assume the financial burden of his or her own legal defense. If the defense is not successful, the result could be a total loss of title. The title insurance company pays the lender's loss and is entitled to take an assignment of the borrower's debt. The purchaser loses the down payment, other equity in the property that may have accumulated, and the property. And the balance on the note is still due!

A. Title insurance is issued after a careful examination of copies of the public records. But even the most thorough search cannot absolutely assure that no title hazards are present, despite the knowledge and experience of professional title examiners. In addition to matters shown by public records, other title problems may exist that cannot be disclosed in a search.

A. Here are just a few of the most common hidden risks that can cause loss of title or create an encumbrance on title:

  • False impersonation of the true owner of the property.
  • Forged deeds, releases or wills.
  • Undisclosed or missing heirs Instruments executed under invalid or expired power of attorney.
  • Mistakes in recording legal documents.
  • Misinterpretations of wills.
  • Deeds by persons of unsound mind.
  • Deeds by minors.
  • Deeds by persons supposedly single, but in fact married.
  • Liens for unpaid estate, inheritance, income or gift taxes.
  • Fraud.
  • Identical Names.
  • Clerical errors.

A. Title insurance will pay for defending against any lawsuit attacking the title as insured, and will either clear up title problems or pay the insured's losses. For a one-time premium, an owner's title insurance policy remains in effect as long as the insured, or the insured's heirs, retain an interest in the property, or have any obligations under a warranty in any conveyance of it. Owner's title insurance, issued simultaneously with a loan policy, is the best title insurance value a property owner can get.

A. When someone purchases a home they hope to take possession as soon as possible. When the terms have been agreed upon and all the financial arrangements have been made, there remains one important detail. Before the transaction can close, a title search must be made. The most accurate description of title is a bundle of rights in real property. A title search is the process of determining from the public record just what these rights are and who owns them. A title search is a means of determining that the person who is selling the property really has the right to sell it, and that the buyer is getting all the rights to the property (title) that he or she is paying for. The search process can be undertaken by the title company in those jurisdictions where the company maintains offices. In some areas, however, searches are made only by practicing attorneys. However the search is performed, in most real estate transactions today a title insurance policy is purchased to assure the buyer that he or she has purchased a valid title. In those transactions where title insurance is involved, the title company must determine insurability of the title as part of the search process. This leads to the issuance of a title policy, which insures the existence or non-existence of rights to the property. The title insurance company will, at its own expense, defend the title and will pay losses within the coverage of the policy if they occur.

A. Not at all. New title orders can be faxed to 865-357-7716. Our staff will call you to confirm relevant information and start processing your order immediately.

A. Yes, Tallent Title Group, Inc. is set up to handle both purchases and refinances.

A. Our average turnaround time is 2 - 4 days, with the exception of some jurisdictions. Once you place your title order, we will let you know if the property is located in a county or region with longer search times.

A. Of course. Our Closing Specialists and support staff are available for closings at the borrower’s home, office or other convenient location. After hours and weekends are also offered.

North: 3248 Tazewell Pike, Knoxville, TN 37918 | Phone: 865-357-7717 | Fax: 865-357-7716
West: 120 Suburban Rd, Suite 102, Knoxville, TN 37923 | Phone: 865-851-7574 | Fax: 865-851-7438
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