Clear answers about title insurance — what it covers, how it works, and why it helps protect one of the biggest investments you will ever make.
When purchasing a home, it's essential to verify the seller's rightful ownership and ensure there are no unresolved issues that could impede the transfer of the title to you.
Problems with the title can impose limitations on property usage and potentially lead to financial losses. This is where title insurance becomes invaluable — and One Hour Title is here to assist you. We conduct thorough title searches to confirm that your ownership is clear of any encumbrances.
The cost of title insurance is paid only once, with no renewal premiums or expiration dates. This protection endures for as long as you, or your successors, hold an interest in the property — ensuring long-term security.
One Hour Title can help. We'll assist you in finding an experienced closing attorney and satisfy any liens — with a smooth closing, great communication, and amazing service.
Whether you're listing your house for sale by owner or working with a real estate agent, we're here for you.
When you take out a mortgage, one part of your closing costs will be title insurance. The premium is a one-time charge, and the policy protects the lender. You can also purchase owner's title insurance to protect yourself, though it's not required.
Title insurance is a policy that covers third-party claims on a property that don't show up in the initial title search and arise after a real estate closing. A third party is someone other than the property's owner — such as a construction company that wasn't paid for its work under a previous owner. The term "title" refers to someone's legal ownership of the property.
A title claim could arise at any time, even after you've owned the property with no problems for many years. Someone else might have ownership rights you don't know about when you make an offer. Even the current owner might not be aware that someone else has a claim — in the case of an overlooked heir, even the person with those rights might not know they have them.
Before your home loan closes, your mortgage lender will order a title search from a title company. The title company searches public records — deeds, mortgages, divorce decrees, court judgments, tax records and child support orders — to find any defects that could affect the lender's or buyer's property rights. If the search reveals problems (also called "clouds"), the title company works to resolve them.
Placed by a contractor, tax authority, or lender who hasn't been paid. You don't want to get stuck paying a previous owner's unpaid bills.
Someone else's right to use your property even though you own it — for example, utility lines in your backyard — which could limit how you use it.
Includes liens and easements, plus zoning laws, restrictive covenants imposed by HOAs, and leaseholder rights.
A policy covers underlying issues with a property's title that might have been missed before you bought — handy if the public-record search failed to catch a lien or ownership dispute.
Title insurance doesn't protect against problems caused by your own actions after you buy the property, such as:
In short, it protects against issues that might have affected your decision to purchase had you known about them at the time — not issues newly created after you buy.
Homeowners can choose between standard and expanded coverage, which broadens protection against certain additional risks. We'll help you see exactly what expanded coverage adds and decide what's right for your situation.
An owner's policy can cover paying off a previously undiscovered lien, defending a lawsuit over a claim to the property, or providing a cash settlement to a buyer who unwittingly purchased with a forged deed — and it protects your ability to sell the home later.
Title insurance is a one-time, up-front fee — not an ongoing expense. An owner's policy is based on the home's purchase price; a lender's policy on the loan amount.
Both policies together usually cost about 0.5%–1.0% of the purchase price — roughly $1,500 to $3,000 on a $300,000 home, according to ALTA.
In North and South Carolina, the price is the same no matter which title company you use — so choose a reputable company with experienced underwriters.
The buyer pays for the lender's policy as part of their closing costs. Either the buyer or seller can pay for the owner's policy on behalf of the buyer — local real estate custom often determines who pays. Buying an owner's policy at the same time as a lender's policy can reduce the owner's-policy cost through a "simultaneous issue charge."
Get an estimate of what title insurance costs in your area with the WFG rate calculator.
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Buying or selling in the Carolinas? We'll make your closing easy — with clear title, great communication, and responsive service when you need it.