Massey Title Group, LLC
341 Metairie Road
Metairie, Louisiana 70005
504.837.9065 (P) 504.837.9069 (F)
What is a title?
A title is an owner’s right to possess and use property.
What is a title search?
A title search is a detailed examination of the historical records relating to a certain piece of property. The historical records include deeds, court records, property indexes, name indexes, tax records, and many other documents.
A title search is to verify a seller’s right to transfer ownership and to discover nay claims, defects and other rights or burdens on the property.
What does a title search reveal?
A title search can reveal any title defects and liens, encumbrances as well as restrictions. Some examples are judgments against the seller, unpaid mortgages, unpaid taxes, along with restrictions limiting the use of land.
Is there anything that a title search does not reveal?
The answer is YES. There are things that a thorough title search will not reveal. Some examples are a previous owner incorrectly stating his/ her marital status, fraud and forgery, mental incompetence, defective deeds, and similar name confusion.
Unfortunately, these items can surface after the purchase of a home and can jeopardize the ownership of your home.
Why is there a need for title insurance?
Title insurance protects the owner and the owner’s investment in the property.
Are there different types of title insurance?
The answer is YES. There are two main different types of title insurance. A lender’s policy and an owner’s policy.
A lender’s policy protects the lender’s interest in the property as a security for an unpaid mortgage balance.
An owner’s policy protects the buyer’s investment up to the face amount of the property.
How much does title insurance cost?
Much less than one would think.
In general, the cost of title insurance amounts to an estimated 1%, or less, of the cost of the property. And, title insurance premiums are paid one time only, which is at settlement, as opposed to annual premiums.
How long does title insurance last?
Title insurance lasts as long as the owner or the heirs have an interest in the property, and in certain cases, beyond their interest.
What do I lose if a claim is filed?
Every claim is different for every person. And it also depends on whether or not you have owner’s title insurance.
Most claims are mild. But all claims can cost you time, money and frustration. For the extreme cases, you can lose your home and property if you are uninsured. If you have an owner’s title policy, First American will take care of it for you.