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Christina Lynch

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Title Insurance and Hazard Insurance

Title and Hazard Insurance. Covering your assets.

Of course there are many types of insurance and we primarily discuss homeowners/hazard insurance and title insurance during a real estate transaction. Both of these types of insurance should be addressed in the Residential Sale Contract.

The contract provides that the purchase is conditioned upon the buyer’s ability to obtain homeowner/hazard insurance for the property. Typically the buyer has 10 days (or more if requested) to provide evidence that buyer is unable to obtain insurance. If the buyer is unable to obtain insurance then there is a provision to terminate the purchase contract at buyer’s option. A buyer should consult a trusted insurance provider or legal council for information regarding insurance policies and coverage’s.

Title Insurance will protect the buyer from financial loss in the event that problems develop regarding the rights to ownership of the buyer’s property. Before title insurance is issued, the title insurer performs a search on the title to determine whether any defects occurred in prior conveyances and transfers. Through the search and examination process, title problems are disclosed so they can be corrected whenever possible. However, even the most careful search process cannot locate all hidden title hazards. In the unfortunate event that title defects are found after the search process, the title insurance policy will cover and protect the buyer from financial loss. Claims against a property can be in made in over 70 forms and some examples are; Mistakes in deeds, wills, and trusts; Forgeries in the chain of title; Outstanding mortgages and judgments, or a lien against the property because the seller has not paid their taxes; Easements that allow construction of a road or utility line; Pending legal action against the property that could affect a purchaser; A claim by a previous undisclosed relative of a former owner.

Title insurance is typically issued and paid for at the time title passes. There are no ongoing premiums for title insurance.

The contract referred to in this communication is the approved St Louis Association of REALTORS Residential Sale Contract to be used exclusively by REALTORS and members of the Bar Association of Metropolitan St. Louis.
The content contained in this electronic communication is not legal advice.  Should you need legal advice please consult your attorney.

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Posted in: Practical Matters, Transaction Information Tagged: buyers market, closing on a home, first time buyer, first time buyer information regarding title insurance, hazard insurance, home title and hazzard insurance, home title insurance, real estate closing, st louis homes for sale, st louis real estate insurance, st louis title insurance, title insurance for homes

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Still LOVE my home – thank you!!

Lynn B. Ballwin, Missouri

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Thanks Jim. I was prepared for a miserable experience. You took the worry and tension out of selling.

John Walsh Seattle, Washington

default image

We had the best experience during the purchase of our first home with Jim. We love it. One of my best friends is a Realtor and I have already told her that when I move, Jim Hurley is the one I work with.

James Fagan Ballwin, Missouri

default image

It was our first home and we spend several months looking. Jim never lost patience. He spent hours educating us and helping us through the process. He’s always smiling and positive…. Linda and Steve Green St. Peters, Missouri

Linda and Steve Green St. Peters, Missouri

default image

I wasn’t really considering buying a new home but one I had looked at before we bought the last one, which I loved, came on the market. I called Jim and we moved 45 days later with no problems. He really cares about the people involved in the process.

Tina and Tom Shinner Kirkwood, Missouri

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