Guaranty Title and Escrow Company

When purchasing a new home or refinancing an existing mortgage, do you know what transpires from the time of application to the day of settlement? At Guaranty Title and Escrow Company, we realize your home is your most valuable asset. We understand the stress associated with purchasing or refinancing a home and are available to answer any questions or concerns you may have regarding your settlement. Our staff of dedicated professionals will guide you through the entire process and will assure that you are protected against adverse title claims or risks long after your settlement.

Why Title Insurance?

Additional Information

Owning real estate is one of the most precious values of freedom in this country. You want 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 is issued after a careful examination of the public records. But even the most thorough search cannot absolutely assure that no title faults are present, despite the knowledge and experience of professional title examiners. In addition to matters shown by public records, other title problems may exist that cannot be disclosed in a search. Title insurance eliminates any risks and losses caused by faults in title from an event that occurred before you owned the property.

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, but does protect you from risks or undiscovered interests. Another difference is that you pay a one-time premium for a policy that remains effective until the property is sold to a new owner - even if that doesn't occur for decades.

How much does title insurance cost?

The insurance commission approves and controls the premiums for title insurance policies. The premiums are paid only once and the cost depends upon the purchase price of the property and the policy amount must be equal to the purchase price.

Frequently Asked Questions

What is a Lender's Policy?

A lender's policy, also known as a loan policy or a mortgage policy, protects the lender against loss due to unknown title defects. It also protects the lender's interest from certain matters which may exist, but may not be known at the time of the sale.

This policy only protects the lender's interest. It does not protect the purchaser. That is why a real estate purchaser needs an owner's policy.

What is an owner's policy?

An owner's policy protects you, the purchaser, against a loss that may occur from a fault in the ownership or interest you have in the property. You should protect the equity in your new home with a title policy.

What does an owner's policy provide?

Protection 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.

Why the seller needs to provide title insurance?

Any purchaser will need evidence that his investment in your property is free of title defects. The title insurance policy that you provide the purchaser is a guarantee that you are selling a clear title to your real estate, unencumbered by any legal attachments that might limit or jeopardize ownership. It will reassure your purchaser that he or she is protected from any risks or losses and could help you close your deal.

Why the buyer needs title insurance?

Without title insurance, you may not be fully protected against errors in public records, hidden defects not disclosed by the public records, or mistakes in examination of the title. As a result, you may be held fully accountable for any prior liens, judgments or claims brought against your new property. If this should occur, your title policy insures that you will be defended at no cost against all covered claims up to the amount of the policy.

What does title insurance protect from?

Undisclosed heirs
Forged deeds, mortgages, wills, releases and other documents
False impersonation of the true land owner
Deeds by minors
Documents executed by a revoked or expired Power of Attorney
False affidavits of death or heirship
Probate matters
Fraud
Deeds and wills by persons of unsound mind
Conveyances by undisclosed divorced spouses
Rights of divorced parties
Deeds by persons falsely representing their marital status
Adverse possession
Defective acknowledgements due to improper or expired notarization
Forfeitures of real property due to criminal acts
Mistakes and omissions resulting in improper abstracting
Errors in tax records

Privacy Policy

Purpose

The availability, integrity, and confidentiality of computerized information is critical to the success of any company. This document establishes the corporate policy and standards for protecting all computerized communications, data, and information at Guaranty Title and Escrow Co.

Policy

All communications, data, and information created on, received through, or sent over Guaranty Title and Escrow Co.'s information resources (including the internet/intranet, phones, e-mail, and instant messaging (IM) systems) are protected, commensurate with value and sensitivity to disclosure, at all times according to the standards of behavior defined in this document. Guaranty Title and Escrow Co. reserves the right to determine the appropriate use and suitability of any of this information. All such information is the property of Guaranty Title and Escrow Co.

All non-public information is secured as required by law and according to the Best Practice guidelines of the American Land Title Association.

Monitoring and Examination of Information

Guaranty Title and Escrow Co.'s business systems are considered private and not-for-public forum; therefore, guarantees of free speech under the First Amendment do not apply. At any time and without prior notice, Guaranty Title and Escrow Co. management reserves the right to access and monitor all communications and electronic files and to divulge this information to law enforcement officials and regulatory agencies as required by the state and federal regulations.

Reporting Incidents and Potential Violations

Guaranty Title and Escrow Co. encourages the reporting of all perceived incidents of misconduct (which includes potential violations of policy), regardless of the offender's identity or position. All reports of suspected incidents are taken seriously and investigated. To the extent practicable, Guaranty Title and Escrow Co. will keep reports confidential; however, absolute confidentiality is not promised and cannot be assured.

Any employee or other individual who believes he or she has been subjected to, witnessed, or made aware of misconduct should immediately report the incident to management along with violations related to information resources or information technology networks; however, if the routing person is not identified, Guaranty Title and Escrow Co. might not be able to respond appropriately to the reported concern. There is no penalty for reporting an alleged incident in good faith.

Review

Guaranty Title and Escrow Co. has voluntarily adopted this policy for its sole and exclusive use. This policy and all related documents will be reviewed annually or as needed based on prevailing business conditions.