After the inspection contingency is resolved. We will call the title company and tell them to start their title work, and also to get the survey ordered. By this time you will have signed a "title and survey work order form" which authorizes the title company to proceed with their work, and will identify if you want a spot or stake survey done. Most people get a spot survey done, unless they intend to put up a fence, its less costly than a stake survey, although the stake survey is more of a safe haven against potential property line issues in the future.

Why Title Insurance?

Title insurance is not as well understood as other types of home insurance, but just as important. You see, when purchasing a home, you are really purchasing the title to the property and the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects you against these hazards.

Title insurance begins with a search of public land records affecting the real estate being purchased. An examination is conducted by the title agent on behalf of its underwriter to determine whether the property is insurable. The examination is intended to report any documents in the property’s history that don’t clearly transfer title. Here are a few:

• Deeds, Wills, and Trusts that contain improper wording or incorrect names.
• Outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes.
• Easements that allow construction of a road or utility line.
• Pending legal action against the property that could affect the purchaser.

In spite of all the expertise and dedication that go into a title search and examination, hidden hazards can emerge after closing. Here are a few that could result in unpleasant and costly surprises:

• A forged signature on a deed, which could mean to transfer of ownership to a new buyer.
• An unknown heir of a previous owner who is claiming ownership of the property.
• Mistakes in the public record.

Buying a home is an important purchase. Once the deeds and mortgage documents are signed, the property is yours, or so you think. Chances are you are the owner, but a deed in hand is not sure title. When a title policy is issued through your title company, you can rest assured that the property rights are protected. A low, one time premium covers the entire cost of your title insurance for the duration of time you own your home. Protection of your property rests on the financial stability, professional integrity, and responsible management of the title insurance company. To protect yourself against loss due to title defect, insist on an owner’s title policy issues through a title company.

St. Louis Real Estate Search