FREQUENTLY ASKED QUESTIONS
Got a question? Let us help you find what you need:
What is a lien?
A lien is a legal claim that a creditor holds against a property to ensure repayment of a debt or obligation. Common lien holders include mortgage lenders, government tax agencies, or parties such as individuals or business entities who have obtained a court judgement against the property owner. If the debt goes unpaid, the lien allows the creditor to take legal action—such as foreclosing or forcing the sale of the property—to recover the amount owed.
How much does title insurance cost?
Title insurance costs vary depending on the state (typically $500-$3500 depending upon value and state), as the industry is heavily regulated. In many cases, your state’s Department of Insurance can offer details about pricing guidelines. Generally, the cost of a title insurance policy is based on either the purchase price of the property (for an owner’s policy) or the loan amount (for a lender’s policy). This applies whether you are buying or refinancing a property. The one-time premium for an owner’s title insurance policy covers expenses related to conducting a detailed title search and other necessary research. Unlike other types of insurance, an owner’s title policy is paid for only once—there are no ongoing premiums if you or your heirs maintain an ownership interest in the property. In refinance transactions, typically only a lender’s policy is issued, as ownership isn’t changing.
What’s different between an owner’s policy and a lender’s policy?
A lender’s policy protects your mortgage lender’s interest in the property, while an owner’s policy protects your personal ownership rights. The two work together but offer different coverage. Only an owner’s policy ensures your title is clear and defendable if a problem arises.
What does title insurance cover?
The title insurance process begins with a title search aimed at identifying and resolving potential issues with a property’s title. However, not all title defects can be uncovered with complete certainty. Title insurance offers protection against losses stemming from hidden risks that may exist in a property’s history. An owner’s title insurance policy helps safeguard your rights as the property owner against such defects, while a lender’s policy protects your mortgage lender’s financial interest.
TitleWorx provides an owner’s policy that covers unforeseen issues such as a decades-old forgery, a deed signed under pressure, undisclosed marital interests, clerical errors in public records, or incorrect tax payments. In fact, there are dozens of title-related issues which are typically grouped into several categories that could jeopardize your ownership.. Your policy includes coverage for legal defense costs related to covered claims, lasting if you or your heirs retain ownership—unless the issue falls under policy exclusions or exceptions.
Do I need a survey to purchase title insurance?
While a survey is not always required, it may be necessary if there are concerns about property boundaries, easements, or potential encroachments. We can help assess your property’s needs.
What does an Escrow Settlement Service do?
An Escrow Settlement Service serves as a trusted third party that holds money, documents, and/or assets during a transaction. The funds or items are only released once all conditions of the agreement are satisfied, offering protection and transparency for everyone involved in the deal.
Why should I choose a Nationwide Escrow Settlement Service over a local one?
Using a Nationwide Escrow Settlement provider ensures consistent service across different states, along with familiarity with varying state regulations. It’s ideal for transactions that span multiple regions or involve out-of-state parties, providing efficiency, reliability, and broad geographic support.
For example, if you’re a buyer based in California purchasing an investment property in Texas, a nationwide provider can seamlessly handle the escrow process while navigating both states’ unique legal and title requirements. This eliminates the need for separate local providers in each state and helps ensure smoother coordination, faster communication, and fewer delays—no matter where the parties are located.
How do you support me through the process if we encounter any title issues?
If needed, we will work closely with you, the seller, and other parties to resolve any title-related issues that may arise during the financing process, including:
- Processing mortgage payoffs and lien releases.
- Handling mechanic lien waivers and clearances.
- Clearing judgments and other court-related encumbrances.
- Reviewing and resolving pending litigation issues.
- Securing non-imputation endorsements (non-imputation endorsements help protect buyers from liability based on the seller’s knowledge or actions).
- Addressing zoning and land-use complications.
- Managing foreclosure and bankruptcy considerations.
- Offering tailored coverage solutions where needed.
Do I need title insurance if I am paying cash?
Yes. Even without a lender, purchasing an owner’s title insurance policy protects your ownership rights from unexpected title defects, such as prior liens, forged documents, or undisclosed heirs. It’s a one-time cost that helps secure your investment for as long as you or your heirs own the property.
When will I get my final title policy?
Your final title policy is typically issued within 30–60 days after closing, once all recordings and post-closing processes are complete. You’ll receive a copy via email or mail, depending on your preference.
Can TitleWorx handle commercial or investment property closings?
Yes. TitleWorx specializes in title and escrow services for commercial and business-purpose real estate transactions, including investment property purchases, refinances, and multi-property portfolios. Our team understands the nuances of non-owner-occupied and investor transactions.