FAQs

We understand that real estate transactions can be complicated and confusing. Our team of experts is here to guide you along the process and answer any questions you may have along the way.

What is title?

Title is the right to, or ownership of, a specific real estate property. The main rights conferred by a real estate title are: right of possession, right of control, right of exclusion, right of enjoyment, and right of disposition. Change in ownership can be initiated by a will, court decree, law, or sale of a property. The transfer in ownership is recorded in a deed and filed with county records.

What is a deed?

A deed is a legal document that records a transfer in ownership from one person to another and is filed with county records.

What is the difference between title and deed?

A title defines the rights of ownership for a property and the deed is the legal document that transfers ownership. Title is the right to, or ownership of, a specific property. Ownership and all the rights and duties of each individual that holds the title for a property are recorded in a legal document that is filed with county records. This document is referred to as the deed.

What is title insurance?

Title insurance protects a homeowner or lender against financial loss from real estate title defects or liens against a property. Any property that has undergone several transfers of ownership — including when it was undeveloped land — could have a hidden title issue that can affect the current homeowner or lender.

Do I need title insurance?

If you are purchasing a home with a loan, your lender typically requires you to purchase a title insurance policy to protect their interest in the property. 85% of our customers opt to purchase an owner’s policy to protect their own interests as well.

What is a settlement?

Settlement, also called closing, is the completion of the real estate transfer, where the title passes from seller to buyer, or a mortgage lien is given to secure a debt.

What is closing?

Closing, also called settlement, is the completion of the real estate transfer, where the title passes from seller to buyer, or a mortgage lien is given to secure a debt.

How much should my real estate agent know about title?

As part of a real estate transaction, your real estate agent should know what title insurance is and at which point in the purchase process a title and settlement company should be brought into the transaction. However, title is complex and requires in-depth understanding of state laws and local practices. If you have more detailed questions about title and title insurance, your best bet is to consult with a title company.

Why should I work with Walnut Ridge Title?

Everything we do is to make the whole process easier for you. We’ll give you honest answers, we won’t try to sell you the most expensive policy in our portfolio, and we’ll hustle on the details so your closing is stress-free. Plus, we’ll make sure you get the right policy and personal service at a competitive price.

Can I purchase title insurance after closing on my home?

Yes, but be cautious about taking this path. Most title companies will only issue an owner’s policy on the assessed value or on a recent appraisal of the property, and not the purchase price of the home.

What does title insurance cover?

A lender’s policy only protects the lender’s interests, not yours. And, it only goes into effect if the lender takes possession of the property through foreclosure or some other means.

A basic owner’s policy, such as the one we offer, protects you against issues that occurred prior to your purchase date, but have not yet been discovered. For example, it can protect you from previous owners making a claim of ownership on the property, or a special assessment or unpaid property tax that was not found at the time of purchase.

How much does title insurance cost?

The cost of title insurance varies from state to state and will depend on state regulations and how title insurance rates are filed. Some states may offer a discount on the title insurance premium if the evidence is provided showing that an owner’s policy was issued previously to the seller within a certain timeframe.

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