When I receive my title commitment and there are requirements I'm not sure how to satisfy, who do I turn to for help?
At CTS, your title request will be assigned to a specific title specialist. He/she will monitor your service from start to finish. Our receptionist will always know which specialist is handling your order and will be happy to direct you to them.

What is a title?
A title is the evidence that a person has to document the right of ownership and possession of land. At times, someone other than the owner has evidence documenting her/his right to the land. This can result in the title being challenged with consequences of demands being made on the use of the land. There could be a loss of marketability or even the loss of the land itself.

What is title insurance?
A title insurance policy provides protection against loss if a defect is found in the insured title. The Owner's Title Insurance Policy insures the owner of the property, while the Mortgagee Title Policy insures the mortgage lender.

What is an abstractor and title search?
Before a title policy is issued, an abstractor conducts a detailed title search of the land. The abstractor may check historical records in the public land records, tax office, judicial proceedings, etc. The purpose of the search is to verify the owner's right to mortgage or to transfer ownership of the property and to disclose any liens or encumbrances filed against the property.

What is a commitment or binder to insure?
Generally the term commitment or binder is used interchangeably and consists of several parts. The first part is usually a summary of the condition of title including a statement of current ownership and the legal description of the property. Secondly, there is an agreement to issue a title policy if certain requirements are met. These requirements will be specifically set out and should be reviewed carefully. Some requirements may need to be satisfied before the closing of the transaction, and some are satisfied during or after the transaction. The last part of the commitment states any matters to be shown as exceptions to the policy.

How much does title insurance cost?
There is only one payment to be made one time. This is paid at the closing of the purchase or refinance transaction. For this one time payment, the Owner's Policy remains in effect for as long as the purchaser or their heirs own their home. The amount of the premium is directly related to the purchase price of the home. The Mortgagee Policy remains in effect until the balance of the mortgage is paid. The amount of this premium is directly related to the amount of the mortgage. Discounts are applied when both policies are purchased simultaneously.