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Titles
Question: My question seems to be extremely simple, but so far nobody can give clear answer to it. What is a document showing my ownership of the house? I paid off my mortgage and received a mortgage satisfaction letter from my bank, but it is certainly not the home ownership document. I suppose there should be a title, like in case of a car, but I don't think I have it. Maybe the title company keeps it?Answer: Your deed shows your ownership. You should have received a copy of the deed from the title company when you purchased your home.
One title company told me that they send out the original deed when they send you your title insurance policy. So, perhaps you should check with your title policy to see if you have a copy of the deed with it.
If you do not have a copy, or have misplaced it, you can go to your local courthouse and obtain a copy from the Recorder's office. There will most likely be a nominal fee.
You should also keep your mortgage satisfaction letter in addition to the copy of the deed.
Leslie Cooper Pyle
RE/MAX Real Estate Associates
Question: "What exactly is title insurance and why is it important?"
Answer: Title insurance is the only policy you buy that provides coverage back in time. It was established to protect buyers against the hidden hazards of real estate ownership, like forgeries, faulty surveys, hidden liens, the false representation of a married person as being single, and many other title defects.
The transfer of land ownership is as old as our country, or older. It is based on an English system. Years ago, when a piece of real estate was purchased, the new owner would receive an abstract—a list of everyone who had an interest in the property, dating back to a treaty with the Indians. This abstract included any heirs to the real estate in marriage or birthright, any debt on the land and satisfaction of that debt, and any other interest that might arise according to Indiana State Law. Title insurance ensures that anyone who previously had an interest in the land has surrendered that interest.
For example—pretend you purchased a home and received title insurance. An older lady knocks on your door and claims that her grandfather farmed this ground and gave her a 15 percent interest in the property when she was born. Her grandfather passed away, her parents sold the ground and she never received her 15 percent. After checking with the Recorder's Office, a deed from the grandfather was recorded in 1927, and her claim is unsatisfied—she still has an interest in the property. Your title insurance company would then step in and settle with her, satisfy her equal share through the courts, and reaffirm to you and your mortgage company a free and clear title.
Today, title insurance is just as important as ever. A home is still the largest purchase most of us make in our lifetime. And, with escalating land values, the loss of property can bring a family to ruin. The right to own property is well protected both by the State and federal government. It is a right that is passed from generation to generation, and title insurance does everything possible to ensure that the rights of others do not affect your right of ownership. Don't buy a home or property without it.
John T. Creamer
Century 21 At the Crossing
