A home represents the largest single investment most people make in their lifetime. Naturally, you will want to secure that investment by protecting the basic proof of ownership.
What is a title?
A title is the evidence that allows a person to claim ownership and possession of a property. A defect in that title can allow someone with a legal right other than the owner to claim the property or to make demands on the owner of that property. It is our goal to make sure that you have ‘clear title’.
What is an abstract?
An abstract is a history of the title to a particular tract of land. It summarizes the material parts of recorded documents affecting the title of the real estate. The abstract is not a guarantee, it is only a record of what has been recorded. It does not judge the correctness of any items it lists, it merely reports them for an examiner to interpret.
What is a Title Opinion?
A title opinion is a legal examination of the abstract. The opinion outlines the necessary requirements in order to obtain a clear title. Further, it lists cautions to the buyer / refinancer of all current restrictions to the property.
Customary Iowa procedure for title:
When a purchase or refinance is going to take place clear title needs to be established. The process for that to happen in Iowa is as follows: first the abstract is updated, then a title opinion is issued by an attorney setting out all items that need to be accomplished for clear title to be given. Next, the closing takes place, then the abstract is updated again to show that all items before closing that need to be accomplished were done. A final title opinion is then done certifying everything for clear title is in order. At this time Title Guaranty may be ordered. Title Guaranty is a program done by the State of Iowa in lieu of Title Insurance, since Title Insurance is not legal to be issued out of the State of Iowa. Title Guaranty is backed by the State of Iowa and put into a insurance form, standard ALTA format and accepted on the secondary mortgage market. All the same endorsements can also be issued as with any title policy. If you have any questions regarding Title Guaranty please visit their website at www.ifahome.com
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