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faqs
frequently asked questions
What is Escrow?
Escrow involves a neutral third party, like NESI Title and Escrow, holding funds and documents until all conditions of a real estate transaction are met. This process ensures a fair and secure closing, whether you’re in the market for affordable or cost-effective escrow services.
What is a Title?
Title is the legal evidence that you are the rightful owner of a property. The most common form of title here is the grant deed, which transfers ownership from the seller to the buyer. Understanding your property’s title is vital for any real estate transaction, whether you’re in Beverly Hills, Santa Monica, or Downtown LA.
What is Title Insurance?
Title insurance protects both property owners and lenders from losses due to defects, liens, or encumbrances in the title. It’s a one-time premium paid at closing, ensuring peace of mind against historical issues that could affect your property’s title. Whether you’re buying a home or a commercial space, this service is invaluable.
Types of Title Insurance Policies
How Does Title Insurance Differ from Other Types of Insurance?
Unlike other forms of insurance like car or health, which cover future events, title insurance focuses on past issues related to the property’s history. This distinction is particularly important for first-time homebuyers or real estate investors.
What Does Title Insurance Cover?
Title insurance offers protection against claims from defects such as:
These protections are crucial for both residential and commercial transactions , ensuring your investment is safeguarded.
Who Benefits from Title Insurance?
Both property purchasers and lenders find value in obtaining title insurance to protect against potential title defects. This service benefits buyers by providing assurance, sellers by facilitating smoother transactions, and lenders by securing their investment, making it a highly recommended choice for anyone involved in real estate transactions, from home closings to commercial property deals.
How is a Title Insurance Policy Created?
The process begins when an escrow officer or lender opens a title order. Our experts then perform a thorough title search, leading to the issuance of a Preliminary Report. Upon completion of escrow conditions, all documents are recorded, demands are settled, funds are disbursed, and the title insurance policy is issued.