About Title Insurance...
A Title Insurance Policy insures that as the new owner, your title for the property is free and clear of any possible encumbrances, and that you have clear title from the seller. A title insurance policy insures that you will stand protected from loss or damage as a result of any title defects. Some possible encumbrances include protection from forged documents, mistakes in public records, fraud and incorrect property descriptions. McGowan Abstract & Title Co. will provide a thorough search of the public records to reveal possible liens, claims or encumbrances against the property.
There are two primary types of title insurance policies.
The Owner's Policy:
The Owner's Policy is issued to the new Owner, guaranteeing that the Title to the property they are purchasing, is delivered to them without any restrictions or encumbrances.
The Mortgagee's Policy:
The Mortgagee's Policy is issued when there is a Mortgage Lien to be issued on the Property. It guarantees that the title to the property for which they are lending funds is free and clear of any encumbrances.
As an Escrow Agent, McGowan Abstract & Title Co. is a neutral third party who can carry out the instructions in a purchase agreement between the buyer and seller or the borrower in a refinance or original financing transaction. We can also handle all of the disbursement associated with the closing.
We offer four primary types of Escrow closings.
Involving both a buyer and a seller, you can count on McGowan Abstract & Title Co. to provide he highest quality service and attention to the details whether you're the realtor, attorney, lender, builder or developer.
Refinancing is the process of obtaining new lender financing on a property. There are several reasons to Refinance. The most common is when the initial financing was at a much higher interest rate thus refinancing at a lower interest rate would reduce the monthly payments.
(3) Home Equity
A mortgage based on the Aequity@ in your homestead that is secured by only the property and for which the parties that execute the note have no personal liability.
McGowan Abstract & Title Co. has some of the best commercial closers in the area. We are experienced on all types of commercial closings.
Property Profile is a description of your property showing ownership, real estate tax information, sales and loan information and comparables of similar properties.
Mortgage Location Surveys are normally required by the lender in order to obtain additional coverage against encroachments on the property.
Termite Inspections are normally required on all FHA and VA loans. This is an inspection of the property by a certified professional to determine if there are any wood destroying insects or visible damage to the structure.
An Appraisal is an evaluation of the property to determine "Fair Market Value" of the property. Often used by lenders to compare the value of the house to the amount being loaned.
A 1031 Exchange is an IRS provisions which allows the owner of a property to exchange their property for another of like-kind while deferring payment of state and federal capital gains taxes.