Title Insurance Georgia: What Prospective Property Owners Need to Know
Speak with a trusted real estate attorney in Cherokee County, Georgia.
What is Title Insurance Georgia?
If unforeseen issues arise, purchasing title insurance Georgia can help protect your real estate investment. Learn more in this comprehensive overview.
Title insurance is designed to protect the owner (or lender) of real estate in the event of unforeseen title defects that may cause financial loss. Title insurance is often required as a condition for purchasing real estate.
Title insurance is also issued to protect lenders acquiring or taking a deed of trust on the property. Title insurance sales typically result in sales commissions, which can increase the sales price of your property and thus your mortgage payment.
As a buyer, whether or not to purchase title insurance is an important decision based solely on one’s preferences. It is essential to review title insurance policies to make an informed decision.
If you are planning to purchase title insurance in Georgia, seek formal legal advice from a real estate attorney near you who can help you determine whether or not you need title insurance, and if so, which policy best suits your needs.
Like the ones you will find at Faulkner Law Firm in Georgia, title insurance lawyers can help you determine if your closing costs require title insurance. Our real estate attorney is experienced in title examination, title search, title claims, and title defect litigation. We can help you determine whether or not title insurance is right for you.
We will review the property’s title to see how it’s holding up and if the seller can transfer a good title to you in line with the contract. The seller’s mandate is to execute and deliver a deed to the buyer at closing, giving the buyer ownership of the property (usually a limited or general warranty deed).
Contact us today for an attorney-client relationship to schedule a closing, and we will walk you through the entire closing process!
Types of Title Insurance in Georgia
There are two types of title insurance:
Lender’s Title Insurance
The lender’s title insurance covers the lender if failures in closing disclosure occur, such as inaccuracies in the information presented at closing. It also ensures that the lender will get a lawful first lien on the property.
Owner’s Title Insurance
The owner’s insurance protects the buyer against problems that arise after the transaction is completed. Human mistakes, unpaid debts, fraudulent paperwork, unreported or missing heirs, and erroneous legal descriptions are all possibilities. Only an owner’s title insurance policies will cover personal losses, such as legal fees, in the event of a dispute after the sale.
Georgia Title Insurance Calculator
Georgia offers several different pricing slabs depending on the kind of coverage. The ALTA policy provides standard coverage, but the Eagle Policy provides enhanced coverage at a higher cost than the ALTA Policy. The costs for the ALTA Policy will be discussed here.
How Much Does Title Insurance Cost?
Requirements to Obtain a Georgia Title Insurance License
To sit for the Georgia insurance license test, you must first finish a Georgia Office of Insurance and Safety Fire Commissioner-approved pre-licensing insurance course. You will get a Certificate of Course Completion if you pass the pre-licensing course final test.
The many insurance concepts, terminology, insurance laws, and agent regulations stated on the Georgia Examination Content Outline are covered in the Georgia pre-licensing insurance courses. Instructional videos, interactive visuals, practice examinations, and student assistance are all included in the courses, which are presented clearly and concisely.
Who Pays Title Insurance in Georgia?
The buyer pays for both the owner’s and the lender’s policies in most cases. However, since there are no official mandates, the title insurance cost in Georgia can be negotiated between the parties. This means that the lender can decide to pay for the title insurance. Most lenders will want to avoid paying this, but pursuing negotiation can still be a wise move.
Contact an Experienced Closing Attorney for Help
Learn more about title insurance in Georgia by contacting our law office at (770) 685-9501 today!
Our law firm operates in Marietta and the Metro Atlanta area and deals with estate planning, business law, real estate disputes, contracts, and agreements.
Schedule your free consultation with a closing attorney today, and let’s put your real estate purchase on the right track!
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