Why You Should Choose Peak Title
We’re not your average title company. We bring a precise, quality approach to our transactions. Our integrity shows, from the time you first place an order, all the way through to a smooth closing and timely funding. You’ll immediately notice our professionalism and accuracy – a difference that helps us to stand head and shoulders above the rest.
What to Expect
You should select a professional real estate agent to represent your needs. Once you establish a working relationship with your agent, your home is put on the market and marketed to potential buyers. Once a buyer makes an offer on your home you have three options: accept the offer, counter the offer, or reject the offer.
The process of selling your home involves several costs and fees. The following information is very general. Many of these items can be negotiated with the buyer. Consult your real estate professional for details.
Frequently Asked Questions
What is escrow?
The word “escrow ” is defined as follows: the state of a deed, funds, etc. put in the care of a third party until certain conditions are fulfilled. This is what takes place immediately after both the buyer and seller, assisted by a qualified Real Estate Agent, have agreed to the provisions of a contract and have signed that contract. The Real Estate Agent then takes the contract to a competent Escrow Agent and the work of transferring the title to the property begins.
A complete search of public records pertaining to the subject property is made to determine if, in fact, that property has marketable title. Simultaneously, proper instruments are prepared, taxes are prorated, lenders are contacted, assumptions and/or payoffs are ordered and inspections are completed. The Escrow Officer and Real Estate Agent work together to compile all needed paperwork and funds essential to close the transaction in an orderly manner.
When the closing date comes, the Escrow Officer is then ready to disburse funds to the proper parties and record the new documents of ownership. The sellers receive the funds due to them and the buyers legally own their new property, with the assurance that the title to that property is free of any defects. Peak Title gives that assurance by issuing a Title Insurance Policy.
Why do I need title insurance?
Owning real estate is one of the most precious values of freedom in this country. Get the assurance that the property you are buying will be yours. Other than your mortgage holder, no one else should have any claims or restrictions against your home.
Title insurance eliminates any risks and losses caused by faults in title from an event that occurred before you owned the property.
How does title insurance differ from other types of insurance?
Title insurance is different from other types of insurance in that it protects you, the insured, from a loss that may occur from matters or faults from the past. Other types of insurance such as auto, life or health cover you against losses that may occur in the future. Title insurance does not protect against any future faults.
Another difference is that you pay a one-time premium. A title insurance policy will protect you from risks or undiscovered interests.
What is a lender's policy?
A Lender’s policy protects the mortgage holder. If there is a fault in title that results in a loss, the mortgage holder will be paid back.
What is a homeowner's policy?
A homeowner’s policy protects you, the purchaser, against a loss that may occur from fault in your ownership or interest you have in the property. You should protect the equity in your new home with a title policy.
A homeowner’s policy provide:
- Protecting from financial loss due to demands that may be charged against the title to your home, up to the cost of the title policy.
- Payment of legal costs if the title insurer has to defend your title against a covered claim.
- Payment of successful claims against the title to your home covered by the policy, up to the cost of the policy.
What "hidden risks" are protected under a title policy?
- False impersonation of the true owner of the property by the seller or other persons previously in title.
- Forged deeds, releases and other documents.
- Deeds by persons of unsound mind.
- Deeds by minors
- Invalid documents completed by an expired power of attorney
- Invalid deeds delivered after the death of the grantor
- Deeds by supposedly single persons but actually married
- Fraud
- Claims for unpaid estate inheritance and gift taxes against prior owners of your home.
- Unrecorded easements – giving one party the right to enter another party’s property
- Undisclosed descendents of former owners of your home or the land on which it is situated
How long does my coverage last?
Once purchased, title insurance remains in effect for as long as you own your property. Title insurance adds security and peace of mind to homeownership.
How do I obtain title insurance & what does it cost?
Let the title company, attorney or agent handling the closing of your property know that you want to purchase an Owner’s Title Insurance Policy. When choosing a title insurer, look for a company with experience, as well as the financial strength to protect you.
In most states, the insurance commission or some other governmental body controls the premiums for title insurance policies. You only pay the premium once. The cost depends upon the purchase price of the property, and your policy amount must be equal to the purchase price.
For an estimate of title insurance fees please contact us!
We Proudly Serve All of Ohio & Indiana
- Adams County
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