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There are many reasons for obtaining title insurance. Listed below are a few examples.
Also listed is information that explains the benefits of an Expanded Homeowner's Policy
versus a Basic Policy. Click the following link to calculate your policy premium: Rate Calculator
 
  • Our title policy protects you against unforeseen defects in title that an abstract or the public records do not
    show and cannot show…nor any attorney’s opinion includes.
  • A deed or mortgage in the chain of title may be a forgery. A deed or a mortgage may have been signed by a person
    under age.
  • A deed or a mortgage may have been made by an insane person or one otherwise incompetent.
  • A deed or a mortgage may have been made under a power of attorney after its termination and would, therefore, be void.
  • A deed or a mortgage may have been made by a person other than the owner, but with the same name as the owner.
  • The testator of a will might have had a child born after the execution of the will, a fact that would entitle the child to
    claim his or her share of the property.
  • A deed or mortgage may have been procured by fraud or duress.
  • Title transferred by an heir may be subject to a federal estate tax lien.
  • An heir or other person presumed dead may appear and recover the property or an interest therein.
  • A judgment or levy upon which the title is dependent may be void or voidable on account of some defect in the proceeding.
  • Title insurance helps speed negotiations when you’re ready to sell or obtain a loan. By insuring the title, you can eliminate delays and technicalities when passing your title on to someone else.
  • Title insurance reimburses you for the amount of your covered losses.
  • A deed or mortgage may be voidable because it was signed while the grantor was in bankruptcy.
  • Each title insurance policy we write is paid up, in full, by the first premium for as long as you or your heirs own the property.
  • There may be a defect in the recording of a document upon which your title is dependent.
  • Claims constantly arise due to marital status and validity of divorces. Only title insurance protects against claims
    made by non-existent or divorced "wives" or "husbands."
 
The Homeowner's Policy includes the following basic coverage:
 
  • False impersonation of the true owner of the property
  • Forged deeds, releases or wills
  • Undisclosed or missing heirs
  • Instruments executed under invalid or expired power of attorney
  • Mistakes in recording legal documents
  • Misinterpretation of wills
  • Deeds by minors
  • Deeds by persons supposedly single, but in fact married
  • Liens for unpaid estate, inheritance, income or gift taxes
  • Fraud

Additional Benefits of an Expanded Policy:

  • Pre and Post Policy Protections: The Homeowner's Policy coverage protects homeowners against claims arising
    both before and after the policy date. The homeowner is covered if someone else has an interest in or claims to have rights affecting the title, or the title is defective. Post-policy protection also includes coverage for forgery, impersonation,
    easements, use limitations and structural encroachments built by neighbors (except for boundary walls or fences) after the policy date.
  • Expanded Access Coverage: The Homeowner's Policy provides homeowners with expanded access protection
    for right of access to and from the property. Traditional title policies do not define the type of access a homeowner has
    to the property, but the Homeowner's Policy specifically insures both actual pedestrian and vehicular access, based upon a legal right.
  • Restrictive Covenant Violations: The Homeowner's Policy protects homeowners against the loss of title to
    property because of a violation of a restrictive covenant that occurred before the insured acquired title.
  • Building Permit Violations: The Homeowner's Policy covers homeowners if they must remove or remedy an existing structure (except for boundary walls and fences) because it was built without a building permit from the proper
    government office. This coverage is subject to deductible amounts and maximum limits of liability.
  • Subdivision Law Violations: The Homeowner's Policy protects homeowners if they can't sell the property or get a
    building permit because of a violation of an existing subdivision law. Homeowners are also protected if they are forced to correct or remove the violation. This coverage is subject to a policy deductible and maximum limits of liability.
  • Zoning Law Violations: The Homeowner's Policy protects homeowners if they must remove or remedy existing
    zoning laws or regulations (subject to the policy deductible and maximum limit of liability). Homeowners are also
    protected if they can't use the land for a single-family residence due to the way the land is zoned.
  • Encroachment Protections: Covers homeowners if forced to remove an existing structure because it encroaches on a neighbor's land (coverage for encroachments of boundary walls or fences is subject to policy deductible and
    maximum limit of liability). Covers homeowners when someone else has a legal right to, and does, refuse to perform a contract to purchase the homeowner's land, lease it or make a mortgage loan on it because a neighbor's existing
    structures encroach onto the land.
  • Water and Mineral Rights Damage: The Homeowner's Policy provides coverage if a homeowner's existing
    improvements, including lawns, shrubbery and trees, are damaged because someone exercised a right to use the
    surface of the land for the extraction of minerals or water.
  • Supplemental Tax Lien: The Homeowner's Policy protects homeowners if a supplemental tax lien is filed and assessed against the property because of new construction or a change of ownership prior to the policy date.
  • Map Inconsistencies: The Homeowner's Policy provides coverage if the map attached to the homeowner's policy
    does not show the correct location of the land, according to public records.
  • Continuous Coverage: The Homeowner's Policy covers homeowners forever, even if they no longer have the title.
    The policy insures anyone who inherits the title because of the homeowner's death and the spouse who receives the
    title after a dissolution of marriage. The Homeowner's Policy also allows homeowners to transfer title to their
    home into a trust after the policy date and receive uninterrupted coverage, at no extra cost.
  • Value-Added Protection: Traditional title policies don't increase their coverage as the value of a home increases.
    Not so with the Homeowner's Policy. The policy amount automatically increases by ten percent per year for five
    years, up to 150% over the original policy amount. This automatic increase in coverage is included at no extra cost.

 

Send mail to amorgan@jasminetitle.com with questions or comments about this web site.