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Title Insurance
Title insurance in Texas is a contract of indemnity between the insured and the title insurance company. Title insurance represents the judgment of the title company as to the insurability of the title and may, in the event title is challenged, provide certain remedies for the insured. Title insurance is not a representation or warranty as to title.
A policy of title insurance is based upon our examination of the public records that affect real property. In the event a title policy is expected to be issued, Blackfox Title will issue a commitment for title insurance outlining the findings of the public records examination. There are two basic types of title insurance policies: the Owner Policy of Title Insurance and the Loan Policy of Title Insurance. The Owner Policy insures the owner of the property against certain risks and typically provides coverage in the amount of the sales price or the value of the property and any improvements located on the property. The Loan Policy insures that the lender’s lien is valid against the property and typically provides coverage in the amount of the loan.
Why do I need title insurance?
Title insurance in Texas, offers two distinct types of protection for your residential or business property. First, the basis of title insurance is an examination of the public records. In our title examination we will identify all kinds of information about the property to be purchased, including the existence of any potential defect in the title. Defects can range from a lien against the property held by a lender or a governmental agency to a competing claim of ownership of the property. A recent study by the American Land Title Association revealed that in 36 percent of all real estate transactions a problem or defect in the title was discovered through the title examination process. The research and corrective work of Blackfox Title can dramatically reduce the likelihood that someone will make a claim against your title. The second type of protection comes after the sale when title insurance can offer coverage for certain defects in the title that may arise and were not identified and addressed by the title company.
Who underwrites title insurance?
Blackfox Title is an exclusive agent of Westcor Land Title Insurance Company & First American Title Company.
Westcor Land Title Insurance Company- Westcor Land Title Insurance Company, Inc. (“Westcor”) is the nation’s largest independent title insurance business. Founded by agents to bring innovative solutions to the title insurance market, Westcor delivers technology-driven products and services to make the real estate closing process faster and more efficient while driving the continued success of independent title agents, their customers, and Westcor partners across the title industry. Westcor Land Title Insurance Company is rated B+ (Sound Financials) by Kroll and A” (A Double Prime) by Demotech Rating Inc. Based in Maitland, FL, Westcor has regional offices throughout the United States.
First American Title Company – First American is a division of The First American Corporation, a Fortune 500 company and the global leader in the provision of real estate and businessinformation services. What this means for you is that instead of relying on First Texas Title or on attorneys to be here if you have a title problem 10 years from now, you have the backing of one of the largest and most well established companies in the country.
How much does title insurance cost?
Title insurance premiums are based upon the purchase price of the property. Title insurance premiums are paid one time and an Owner’s Policy covers the buyer as long as they own the property. A Loan Policy also covers the lender for the life of the loan. Premium costs are set by the State of Texas. You can review the State of Texas premium rates here. Texas Title Insurance Basic Premium Rates
You can review a quote with all fees that include rates from Blackfox Title here