Unlike other insurance premiums, a title insurance policy premium is paid only once. It does not have to be renewed, but continues to protect the insured party.

PRELIMINARY TITLE REPORTS
A preliminary title report is a report issued by our company showing the condition of the title and committing our company to issue a title insurance policy as designated in the report. The report is valuable to the buyer and the lender because potential title problems are discovered before the purchase is made. There may be specific requirements shown in the report that must be satisfied before the policy is issued.

Since many legal documents are recorded each day it is important to order a new Preliminary Report at such time when the property is again sold, even though the present owner has an owner’s policy in effect. The new owner will not be covered by the former owner’s policy.

OWNERS POLICY
An owner’s policy protects the title holder (owner of the property and home) against defects and irregularities and is issued after the deed has been delivered and recorded.

PURCHASER’S POLICY
A purchaser’s policy protects the purchaser under a contract of sale. Under a contract of sale the buyer is paying the seller directly rather than paying a lending institution. (bank, mortgage company, etc.)

MORTGAGEE’S POLICY
A mortgagee policy protects the lien holder (lender) against defects and irregularities and is issued after the mortgage or deed of trust has been delivered and recorded.