Title FAQ

• What is a property title?

  A house’s title is the legal right to own the property and the right to sell it. Many properties have titles, and when you buy that property, you are technically purchasing its title. Don’t mistake the title for the property deed. A deed transfers the ownership of a property and its title between people. 

  
  
  

• What is title insurance?

  Title insurance is a policy that protects you from any issues that may call your ownership into question or keep you from completing your purchase. These issues could include illegal deeds, unknown liens, forged documents, missing heirs and unknown easements. Title insurance provides financial security to address any issues that may arise. 

• What is a title search?

  A title search or title exam looks for any issues before closing day. This search ensures the property title is clear, and can be legally bought or sold.

• What is escrow?

  Escrow is a common practice used in real estate transactions where a third party holds large amounts of money or property rights until one or both parties have met a specific condition. In real estate transactions, it’s common for this condition to be the fulfillment of a purchase agreement. Then upon the agreement’s fulfillment the escrow manager will release the property or funds for a property’s taxes and homeowner’s insurance. 

• How long does my title insurance policy last?

  For a one-time fee, your owner’s title insurance protects your property rights for as long as you or your heirs own the home.

• Does your owner’s title policy reduce risk?

  Yes. Your owner’s title policy covers potential issues that could surface after you purchase your home or property. An owner’s title policy is the best way to reduce risk and protect yourself from unknown legal and financial discrepancies. 

  
  
  

• What issues will an owner’s title policy cover?

  Your owner’s title policy protects you from unexpected title claims. These can include:

  • Improperly worded documents
  • Outstanding mortgages, liens & judgements
  • Easements
  • Pending legal actions against properties that may affect the buyer
  • False Notary Acknowledgements
  • Forged Signatures
  • Unknown heirs who may try to claim ownership
  • Mistakes in public records
  • Documents executed under expired conditions
• How much does owner’s title insurance typically cost?

  An owner’s title insurance is a one-time fee that typically costs around 0.5% of the home or property’s purchase price. 

  
  
  

• Will my children or heirs need to purchase a new policy when I pass along ownership to them?

  No. As long as you own the home, the owner’s insurance policy protects the property rights of your heirs.

• Is owner’s title insurance like homeowners insurance and home warranties?

  No. Your owner’s title insurance protects you and your family’s property rights. Your homeowners insurance and warranties protect the structure and contents of your home. 

  
  
  

• Is owner’s title insurance required in the state of Tennessee?

  While owner’s title insurance is not required in the state of Tennessee, it is encouraged to ensure your property rights are protected. Each year more than 80% of homeowners choose to purchase owner’s title insurance to protect their property rights. 

  
  
  

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• Am I at risk of inheriting existing debts or legal problems when I purchase a new property or home?

  Without owner’s title insurance you can be held liable for paying any existing debts or settling legal problems that are associated with the property. Your owner’s title insurance protects you from inheriting these problems after purchase. We all have enough of our own problems to manage in life, why risk taking on more. Your owner’s title policy offers you peace of mind that any hidden issues that may arise will be covered. 

  
  
  

• What happens at closing or ‘settlement’?

  At closing, also called settlement, you will meet with a Tressler team member to complete the final steps of your real estate transaction. At closing, the ownership of the property is transferred to the buyer. To do this, you will sign all the legal documents that ‘settle’ the property exchange. Funds are transferred from escrow, mortgage and title fees are paid and the deed is updated with the new owners information. 

  
  
  

• What do I need to bring to closing?

  Some of the items you will need to bring to closing are a photo ID, a cashier’s check made payable to Tressler Title or wire instructions for transferring funds electronically. Don’t worry, our team will reach out before your scheduled closing day to ensure you know all the details and what to expect at closing.