In connection with providing escrow and settlement services, New World Title & Escrow furnishes owners and lenders with title insurance as agents for Stewart Title Guaranty Company and Old Republic National Title Insurance Company.
Title insurance protects an owner’s and lender’s interest in real estate. For homeowners it insures that they have title to real estate free of any liens, encumbrances or other title defects so that they can occupy, use and sell their real estate without the risk of loss. Unlike other insurance such as auto, home, health and life which protect against potential future events, title insurance protects against events that occurred in the past of the real property and those who had owned it. Likewise, unlike other types of insurance which require monthly, semi-annual or annual premium payments, owners’ title insurance premiums are paid once at settlement when you purchase your property. The protection extends throughout the time the policyholder owns the property and even after it is sold. Owners’ title insurance comes in standard and enhanced policies. Enhanced policies cost more but provide coverage for additional risks. Lenders ordinarily require that title insurance be purchase on their behalf, at the borrower’s expense. Lenders’ title insurance only protects a lender’s security interest in real property and will not protect the owner and, unlike owner’s policies, terminates when the loan is paid off. Click here to learn more.
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