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FAQs
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Frequently Asked Questions
  1. What is meant by "Title?"
"Title" is the foundation of property ownership. It means that you have a legal right to possess that property and to use it.

  1. What is a title search or title exam?
A title search or title exam is the process of examining all relevant public records to determine the ownership of the property as well as any liens, defects, or other claims to the property. This search will assess the seller's right to transfer ownership the specified property.

  1. What is a closing?
A closing is a meeting of principal parties in a real estate transaction during which legal documents related to the sale and purchase are signed and executed. Financial arrangements are finalized and made binding at the closing table.

  1. What is title insurance and why is it important?
A title insurance policy guards against financial loss due to possible title defects, which can remain "hidden" despite the most thorough and diligent search of public records.

  1. What are some examples of title defects?
There are many types of title defects, including, but are not limited to:
Forged documents such as Deeds, Mortgages and Releases;
Documents executed under falsified power of attorney;
Erroneous releases of mortgage liens or assessments which are later found;
Misinterpretation of Wills or other documents.

Lincoln Trail Title Services makes significant efforts to research, detect, and prevent the risks and losses caused by title defects.

  1. What is the difference between a Lender's Policy and an Owner’s Title Insurance Policy?
When you purchase property your lender typically requires you to buy a Lender"s Policy (Loan Policy) as part of your closing costs. This type of policy protects only the lender in case of a title defect. In order to protect YOUR investment, you need to purchase an OWNER’S Insurance policy.

  1. How much does an Owner’s Policy cost?
The cost of the policy depends on the purchase price of the property. This one-time premium however, is significantly less expensive than defending your title.
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Lincoln Trail Title Services, Inc., (270) 765-5566, ltt@lttservices.com
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