Dienstleistungen

Wilkinson Title Agency, Inc.

Dienstleistungen

 

Title Insurance Types

Owner’s policy
The owner’s policy assures a purchaser that the title to the property is vested in that purchaser and that it is free from all defects, liens and encumbrances except those which are listed as exceptions in the policy or are excluded from the scope of the policy’s coverage. It also covers losses and damages suffered if the title is unmarketable. The policy also provides coverage for loss if there is no right of access to the land. Although these are the basic coverages, expanded forms of residential owner’s policy exist that cover additional items of loss.

The liability limit of the owner’s policy is typically the purchase price paid for the property. As with other types of insurance, coverages can also be added or deleted with an endorsement. There are many forms of standard endorsements to cover a variety of common issues. The premium for the policy may be paid by the seller or buyer as the parties agree; usually there is a custom in a particular state or county on this matter which is reflected in most local real estate contracts. Consumers should inquire about the cost of title insurance before signing a real estate contract which provide that they pay for title charges. A real estate attorney, broker, escrow officer (in the western states), or loan officer can provide detailed information to the consumer as to the price of title search and insurance before the real estate contract is signed. Title insurance coverage lasts as long as the insured retains an interest in the land insured and typically no additional premium is paid after the policy is issued.

Lender’s policy
This is sometimes called a loan policy and it is issued only to mortgage lenders. Generally speaking, it follows the assignment of the mortgage loan, meaning that the policy benefits the purchaser of the loan if the loan is sold. For this reason, these policies greatly facilitate the sale of mortgages into the secondary market. That market is made up of high volume purchasers such as Fannie Mae and the Federal Home Loan Mortgage Corporation as well as private institutions.

The American Land Title Association (“ALTA”) forms are almost universally used in the country though they have been modified in some states. In general, the basic elements of insurance they provide to the lender cover losses from the following matters:

 

Residential Title Services

Initial Request for Title Insurance
An order for title insurance is opened with a title officer who produces the initial response promptly within 24 to 48 hours. A preliminary report can be issued with the minimum of information; without even identifying the buyer or the terms of the sale. It shows the record title as it presently exists and is only an offer to provide insurance. To order a preliminary report contact your local Wilkinson Title Agency representative or office.

On-Site Searching and Examining
Your title officer performs three searches: Property, Name, and Tax searches. From that information, a preliminary report is created. Our on-site customer service center expedites the process of obtaining hard copies of recorded documents. Imaging helps to expedite searches with the ability to obtain documents on-line.

Technical Review
The skill and expertise of our title officer is the key to providing you with a useful, accurate title report. Once the report is issued the review begins by making a technical analysis of the documents of record. An interpretive view of all recorded matters is made to evaluate their impact on the title to the property. Among the questions the examiner asks are: Would any of the recorded matters prevent the buyer from using the property for its intended purpose? Can antiquated leases be eliminated from the policy per a review of the current leases?

Inspection Analysis
In anticipation of ALTA coverage, a site inspection is ordered. From the inspection report, the initial title product is supplemented to show any encroachments or other off-record matters which would ultimately impact the title.

Co-Insurance, Re-Insurance, Other Details
If co-insurance or re-insurance is needed for a transaction, we expedite the confirmation of approval. You, the customer, are never bogged down or delayed by the action on the part of our title unit. To the contrary, as a resource and as a facilitator of the transaction, we assume the responsibility for as many details as possible and are able to direct you to other resources where necessary (such as for a lost instrument bond).

We Earn Your Respect with our Skills, Service and Solutions
We try not to point out impediments to the close of a transaction without also offering assistance and solutions. By understanding the sometimes delicate balance of the interests of the parties to a transaction, and by professionally and courteously handling issues as they arise, we can capably guide a transaction to a successful conclusion.

Documents in the Title Process

  • Preliminary Report
  • Commitment – Shows the condition of title in the way we are willing to issue it.
  • Pro Forma – Specimen of what the requested policy, as requested, will look like. Underwriting issues not completed. Not binding upon the company.
  • Policy – Final product. Contract of indemnity between named insureds and the company.

 

Commercial Title Services

Initial Request For Title Product
A title insurance order is opened with a title unit which produces the initial response. A preliminary report can be issued with a minimum of information-without even identifying the buyer or the terms of the sale.

On-Site Searching and Examining
Your title unit performs three initial searches: Property, Name, and Tax. From that information, a preliminary report is created. Our on-site customer service center expedites the process of obtaining hard copies of recorded documents. Wilkinson Title Agency’s substantial investments in imaging technology helps to expedite searches by performing these time-consuming tasks on-line.

Technical Review
The skill and expertise of our title officer is the key to providing you with a useful, accurate title report. Following issuance of the initial report, the title officer makes their technical analysis of the documents of record An interpretive view of all recorded matters is then made to evaluate their impact on the title to the subject property.

Inspection Analysis
In anticipation of ALTA coverage, a site inspection is ordered. From the inspection report, the initial title product is supplemented to show any encroachments or other discoverable off-record matters which would ultimately impact title.

Co-Insurance, Re-Insurane Other Details
If co-insurance or re-insurance is needed for a transaction, we expedite the confirmation of approval. You, the customer, are never bogged down or delayed by the action on the part of our title unit. To the contrary, as a resource and a facilitator of the transaction, we assume the responsibility for as many details as possible and are able to direct you to other resources where necessary (such as for a lost instrument bond).

 

Time Share Title Services

Insurance for your deeded interests and certification for non-deeded (points, clubs, memberships) ownerships is Wilkinson Title Agency’s specialty. We simplify the complex needs of the timeshare industry through dedication, expertise and integrity. Our services specifically are designed to meet your needs whether you are around the corner or in another part of the world.

Title Insurance
Wilkinson Title Agency issues its Owner’s and Lender’s Title Insurance Policies to the insureds within 10 business days after receiving confirmation of title documents having recorded.

Certifications (points/clubs/memberships)
Wilkinson Title Agency issues its Certification of Ownership to the purchasers of non-deeded timeshare interests, providing them the same integrity as deeded owners receive with Title Insurance. Wilkinson Title Agency issues its Policy of Title Insurance to the club, HOA, trustee, etc., as legal titleholder to deeded timeshare interests, and Certification of Ownership to the individual purchasers for their non-deeded interests.

Re-sale
Wilkinson Title Agency provides the developer and their owners full title and escrow services for re-sale transactions (deeded and non-deeded ownership types).

Direct Ownership Transfers (deeded and points/clubs/memberships)
Wilkinson Title Agency prepares applicable ownership documents for transfers of timeshare interests where no monetary consideration was paid for the transfer.

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