| Premier Title Company, Inc. |
| (340) 776-0777 (340) 776-8664 fax |
For many people, a home is the single largest financial investment they will ever
make. While ownership of a home may seem very straightforward, your rights to
enjoy your property aren't always as clear. There are literally dozens of ways in
which your title to and your ownership of your property can be jeopardized. The
title insurance industry and the policies it provides exist to ensure that title issues
don't affect your home ownership rights.
There are two basic kinds of title insurance:
▲Lender or mortgagee protection
▲Owner's coverage
Most lenders require mortgagee title insurance as security for their investment in
real estate, just as they may call for fire insurance and other types of coverage as
investor protection. Your mortgage lender has a great financial interest in the
property you're buying or refinancing. Just as you do, lenders rely on title
professionals to ensure that they won't be impacted by unforeseen title problems
that could affect them. The Lender's Policy covers them for the amount of the
loan, and declines accordingly as the loan is paid.
An Owner's Policy is assurance that your title company will stand behind you -
monetarily and with legal defense - if a title problem arises after you buy your
home. Bottom Line: your title professional will be there to help pay valid claims and
cover the costs of defending an attack on your title. Receiving an Owner's Policy
isn't always an automatic part of the closing process, however. So be sure to ask
your real estate agent, lender or attorney about an Owner's Policy of Title
Insurance. Because without an Owner's Policy, you could be liable for these costs
and legal fees, even if you prevail in a legal action. Owner's title insurance lasts as
long as you, the policyholder - or your heirs - have an interest in the insured
property. This may even be after you have sold the property.
What are some common title problems? Click here to find out.
Even the most thorough, detailed title search can sometimes not catch every
potential title problem. So when you buy a home, insist on protecting your
investment with an Owner's Policy of title Insurance.
If you have any Owner's Policy and a title problem is found later - even decades
later - the title professional will resolve the problem and, if necessary, pay for a
lawyer to defend your title claim.
| A Division of Kevin F. D'Amour, P.C. |
| What is Title Insurance? |
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| Time Center Building 4600 Estate Charlotte Amalie St. Thomas, U.S. Virgin Islands 00802-3405 |
| Recipient of the Stewart Title 2006 "Leading Agent" Award |