Frequently Asked Questions

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Below are some of the most common questions we are asked. If you don’t see what you’re looking for, don’t hesitate to contact us!

What is title?

Title refers to the ownership of a piece of real property, which means the right of possession, right of control, right of exclusion, right of enjoyment, and right of disposition.

What is a deed?

The deed is the document that records the transfer of a piece of property. It is filed in county or parish records.

How are a title and a deed different?

Title defines the rights of ownership for a property. The deed is the legal document that transfers ownership.

What is a note?

The note, also called a promissory note, is a written promise to pay a certain amount of money at a certain interest rate and an acceptance of certain penalties if payments are not made. Generally speaking, the note is the promise to pay the mortgage.

What is title insurance?

Title insurance protects the homeowner or lender from financial losses up to the coverage limit resulting from defects or liens against the property title.

Why do I need title insurance?

There are two kinds of title insurance: those that protect the lender’s interest in the property and those that protect the homeowner. Owner’s policies are not required, though nearly all buyers purchase them. If you are purchasing a property with a mortgage, the lender will require a lender’s policy.

What is a settlement?

The settlement is the completion of a real estate transfer. A settlement is also called a closing.

What is a closing?

The closing is the completion of a real estate transfer. A closing is also called a settlement.

Should I ask my real estate agent about title insurance?

Your real estate agent will know what title insurance is, but they likely won’t be able to answer any in-depth questions. Reach out to Real Land Title for any questions about title insurance.

Can any title company conduct a closing?

No. Some companies only provide settlement services and some only provide title insurance. Real Land Title provides both.

Why should I work with Real Land Title?

Real Land Title is attorney owned and operated and trusted to go above and beyond to deliver stress-free closings.

What doesn’t a title insurance policy cover?

Generally, title insurance doesn’t protect against defects created after the policy is issued and certain taxes and assessments. Contact Real Land Title and we can give you more information based on your title policy and property.

Can I purchase title insurance after closing?

Yes, but most title companies only will issue an owner's policy on the assessed value of the home or based on a recent appraisal, not the purchase price.

How much does title insurance cost?

Rates are based on the property’s sale value. Unlike other kinds of insurance, title insurance only requires one payment.

What does title insurance protect me against?

Title insurance protects against many things, but most commonly it protects against losses resulting from forged deeds, inaccurate legal descriptions of the property, unpaid taxes from previous owners, and undisclosed heirs claiming an interest in the property.

My real estate agent suggested a title company. Do I have to go with them?

No. You can shop around for a title company.

What is vesting?

Vesting describes the rights and duties with regard to use, taxes, and transferability of each individual that holds the title for a property. The vesting determines what happens to the property in the event of death, unpaid taxes, divorce or unpaid liens.

Can I change my vesting type?

Yes, but you will need to work with a title company to update the deed and file it with the county or parish records.

I got married after purchasing my home. Do I need to change my vesting type?

No, but if you refinance your home in the future your lender may want you to change your mortgage and vesting type on the deed. You can update it then.

Are homeowners insurance and title insurance the same thing?

No. Title insurance is different from other types of insurance. It does not protect against physical property damage like flood, fire or theft. It protects you from losses arising from ownership issues that arose before you purchased the property.

What is a Closing Disclosure?

The Closing Disclosure (CD) provides the details about the mortgage loan, including projected monthly payments, fees, and closing costs, as well as the purchase price of the home and any previous deposits. The lender is responsible for preparing and delivering the buyer’s CD. The title company generally prepares the seller’s CD.

Can I have Real Land Title conduct my closing but purchase title insurance from another provider?

Technically yes, but we prefer handling both aspects of the transaction because the closing is highly dependent on clearing the title to pave the way for the issuance of title insurance. It's all connected.

Who do I go to with questions throughout the closing process?

Your representative at Real Land Title is your go-to resource for all questions and concerns. Use us! We are here to help.