Frequently Asked Questions
Q: WHAT IS TITLE INSURANCE?
A: Title insurance is a policy of insurance that insures an owner or a lender against defects in title The information provided to a prospective purchaser or lender is valuable in that it discloses who has a right to a use or interest in the property other than the seller and the nature of that right. A purchaser should always protect their equitable interest in the real estate with an owner's title insurance policy no matter what the lender requires for its loan.
Q: WHAT RECORDS DO YOU HAVE TO SEARCH TO ISSUE TITLE INSURANCE?
A: Research includes all public records pertaining to real estate or liens on real estate which are found in the recorder's office, where transactions are made a matter of public record, in the county and city real estate tax records, in the circuit court records, in the probate court records, and where appropriate, the federal court records.
Q: WHAT DOES TITLE INSURANCE COST?
A: Missouri has rates that are filed with the Missouri Department of Insurance which regulate premium to be charged for a title insurance policy. In many areas of Missouri, search and examination of title and title
insurance premium are included in one rate. Rates are very competitive especially close to metropolitan areas. Contact us for a quote on your transaction.
Q: HOW LONG DOES IT TAKE?
A: Varies depending upon complexity of transaction and the number of parcels involved. The search and examination process may be completed within hours or may take several days. Companies may promise service within a certain number of days, but there are exceptions to every promise and every rule. No two tracts of real estate are the same.
Q: WHAT KIND OF INFORMATION DO YOU NEED?
A: We can use a tax parcel ID number, street address, or subdivision reference. On rural land, we prefer a copy of the legal description taken from the deed, deed of trust, or prior title insurance policy because addresses frequently do not help. The basic information as to full names of parties, federal identification numbers, address of the parties, telephone numbers, agents or brokers involved, attorney's name if one is used, and existing mortgage information is needed early in the process.
Q: WHEN IS THE BEST TIME TO CLOSE A TRANSACTION?
A: Avoid the end of the month if possible for your scheduling because of the volume. It is just not true that closing at the end of the month saves you money in interest. At times, because of the pressure and volume, closing at the end of the month may cost you more in fees and time. Ask for a discount if you close in the middle of the week and avoid the end of the month during regular business hours.