What is title insurance?
A title is the basis of real property ownership. As an owner, it is your right to use, possess, and transfer the property to another owner. A title insurance policy will insure that you are the actual owner of the real estate.

Do I really need title insurance?
Yes. Title insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership of your property. There may be hidden title defects that a search will not reveal. With insurance, you are covered.

What is a title search?
A title search is a detailed examination of the historical records concerning a piece of real estate. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller's right to transfer ownership, and to discover any claims, defects, and other rights or burdens on the property.

What specific items can a title search discover?
A title search may reveal unpaid taxes, unsatisfied mortgages, liens, easements, judgments against the seller, and possible restrictions limiting the use of the land and its improvements.

Does a title search discover everything?
No. There may be some defects or items that even the most intensive title search will not reveal. For example, a previous owner may have incorrectly stated his marital status, resulting in a possible claim by his legal spouse or former spouse. Other items that may not be revealed include fraud, forgery, defective deeds, mental incompetence, confusion due to similar or identical names, and clerical errors in the records. Any of these items may jeopardize your right to ownership.

How does title insurance protect me?
Without title insurance, you may be in danger of losing your real estate or having it encumbered. Title insurance protects you from title defects, including possible hidden problems that may arise that result in a claim against your ownership. Title insurance can, in accordance with the terms of your policy, pay your court costs and attorney's fees and reimburse you for actual loss up to the face amount of your policy. You pay only once for title insurance and it lasts as long as you, or your heirs, retain a legal interest in the property.

How long will it be between the time I apply for a loan and I close?
There is a great deal of work that takes place behind the scenes from the time you apply for a loan until you close on your property. Although each step may take only a few days, it does take time to get everything completed to ensure a smooth closing. The title search portion of the work can take as little as a few days up to a couple of weeks, depending on how complex the search becomes. It may help you to appreciate the time involved in preparing for a closing if you understand the process involved. The diagram below illustrates all that needs to occur.

How do I add a person to the deed for my property?
We have an attorney on staff that can prepare and record a Quit Claim Deed to add or delete names on the title to your property.

How are taxes calculated for closing?
Property taxes are collected by the local county treasurers based on assessments that are provided by the township and county assessors. Taxes are paid one year in arrears in two halves, March and November.

How do I schedule a closing?
We schedule our closings Monday through Friday between the hours of 9:00am and 5:00pm. The last closing of the day should start no later than 4:00pm. If you need to schedule a closing outside of that time range, please ask. We’ll do our best to accommodate your needs. You can schedule your closing by contacting scheduling@firsttitlein.com. Include your name, the property address, and two choices for closing times in your message.

What do I need to bring to closing?
Be sure to check out the Important Information Form for Sellers and the Closing Information Sheet for Buyers in the Resource Center. Essentially, you need to bring the following with you:

• Funds in the form of a cashier’s check should be made payable to "First Title of Indiana, Inc." No personal checks or cash will be accepted. If you wish to wire funds, please contact closing@firsttitlein.com or follow the wire transfer instructions on the Resource Center.
• Anyone signing a document will be required to show a current valid photo ID, such as a driver’s license, passport, or other government-issued ID.
• If you are the borrower, you must bring your insurance policy, not a binder, and a paid receipt.
• If required, you must bring any inspection reports.

Do you need to review my Power of Attorney prior to closing?
If First Title did not prepare your Power of Attorney, we need to inspect it PRIOR to closing to ensure that it meets our requirements.

What can I do to make my closing go smoothly?
The best thing you can do is to check the Important Information Form for Sellers and the Closing Information Sheet for Buyers in the Resource Center. A couple of the common problems we see at closing include clients: having an expired driver’s license, failing to bring certified checks to pay fees, and failing to arrive at the closing on time.

What fees am I responsible for as a buyer?
Who pays which fees is always negotiable. And, the fees you are responsible for will vary depending on the type of mortgage you have. You can check on the responsibilities associated with your type of mortgage by clicking here. Essentially, as the buyer you are responsible for most of the closing costs: appraisal, closing fee, points, document preparation, escrow, underwriting fees, homeowners insurance, title insurance, inspection fees, recording fees, and other related fees.

What fees am I responsible for as a seller?
Who pays which fees is always negotiable. And, the fees you are responsible for will vary depending on the type of mortgage you have. You can check on the responsibilities associated with your type of mortgage by clicking here. Essentially, as the seller you are responsible for courier fees, fees for the deed and affidavit, owners title insurance, and real estate commissions.

How do I file my exemptions?
Exemptions are filed with the County Auditor. Exemptions must be filed by May 1, in order to be valid beginning in that tax year. Exemptions need to be filed only once. Click here for a listing of exemptions you may be eligible for in Indiana. For more information on any exemption, contact info@firsttitlein.com.

Exemptions are filed with the County Auditor. Exemptions must be filed by May 1, in order to be valid beginning in that tax year. Exemptions need to be filed only once. In Florida you may be eligible for the following exemptions: Homestead Exemption, Widow/Widowers Exemption, Agricultural Exemption and in a few local, the Senior Exemption. For more information on any exemption, contact info@firsttitlein.com

When can I file my exemptions?
You should file your exemptions when the first mortgage payment is due. In any instance, you should file your exemption by May 1.

There are so many terms to understand. Is there a guide to help me understand the language of title insurance?
You’re in luck! The Land Title Institute has created a glossary of many of the terms used in the Title industry. Click here to access the glossary.