Questions and Answers

What is Title Insurance?

Title insurance is a one-time premium protecting you against losses that occur from various matters affecting the title to real estate. There are two basic types of policies: Owner’s policies to protect the owner, and Lender’s policies to protect the bank’s mortgage.

Why do I need Title Insurance?

As a condition of your loan funding, your mortgage lender will require a Lender’s Title Insurance policy. Because this policy only insures the bank, you will need to decide if you wish to purchase an Owner’s Title Insurance Policy.

What does an Owner’s Title Insurance Policy cover?

A Standard Owner’s policy insures the following:

· You are the owner of the property

· Against losses from any liens or encumbrances on the property except those listed in the policy

· You have legal right of access to the property

· Against title being rejected by a subsequent buyer because it is unmarketable due to title defect

· Against any misrepresentation, fraud or forgery in documents regarding property

How long does the coverage last?

You are covered under the policy for as long as you own the property.

Who attends settlement?

All borrowers must attend settlement in person. If a borrower cannot be present, special arrangements must be made in advance of your closing. Other attendees include the settlement agent/notary and possibly a realtor or mortgage originator.

Where is settlement held?

Settlements can either take place at our office or arrangements can be made to have it at the place of your choice.

What should I bring to settlement?

You need to bring a form of government-issued photo identification (driver’s licnese, passport, etc.) and any funds required for settlement in the form of a certified or cashier’s check payable to Dominion Capital Title, LLC.

How much money will be needed?

Final figures are rarely available more than 24 hours before settlement. You can use your Good Faith Estimate as a guide. If
you have switched loan programs, rates or terms, be sure to review the GFE with your Mortgage Originator o make sure the figures are correct. As soon as possible, you will be notified of the exact amount required at settlement.