A lien is a security interest taken out against a property, most commonly by a lender, but sometimes by other groups. If you have a lien on your property, it typically gives the lien holder the ability to sell it and use the proceeds to pay off the amount of the delinquent loan. Having a lien on a property can seriously affect the marketability of the property's title-- which means it could make it difficult to sell in the future.
You might already know that a property's title can vulnerable to a variety of different issues-- each which could impact the ability of a future owner to truly 'own' the property and use it as they wish. In this article, we'll review some of the most common problems-- and how title insurance may be able to help protect you against them.
The Small Business Administration (SBA), a U.S. government agency, helps insure billions of dollars in loans to small business across the U.S. each year. Much like the U.S. Department of Housing and Urban Development (HUD), the SBA does not directly loan money to borrowers, it simply insures the loan, which is offered by approved private lenders. In 2014, the SBA insured $20 billion of financing through its most popular loan program, the 7(a) loan.
Founded in 1893 in Galveston, Texas, the Stewart Title Guaranty Company is one of the largest subsidiaries of Stewart Information Services Corporation, a Houston-based company focused on providing real estate information, title insurance solutions, and transaction services to a wide variety of clients. Today, Stewart Information Services Corporation has over 6,300 employees, is listed on the S&P 600 index, and is part of the Fortune 1000 list.
Fidelity National Title Insurance Company, founded in 1961, traces its roots back to Western Title Insurance Company, which was founded in 1848. Today, Fidelity National Title Insurance Company is a subsidiary of Fidelity National Financial, the largest title insurance and escrow services provider in the Untied States.
From 1948 to 2009, Attorneys’ Title Insurance Fund provided title insurance policies througout Florida. While Attorneys’ Title Insurance Fund no longer issues new policies, it still adjusts and evaluates claims on existing policies. In 2009, Attorneys’ Title Insurance Fund and Old Republic Title worked together to form The Fund, a new title company focused on serving customers in Florida.
Old Republic National Title Insurance Company, a title insurance and closing services company, was founded in 1907 and is currently headquartered in Minneapolis, Minnesota. Old Republic is licensed in all 50 states, and has both company owned offices, affiliates, agents, and approved attorneys who provide its services across the U.S.
Title insurance is a type of insurance that protects a property owner from financial loss resulting from issues involving a property's title, or the legal rights to that piece of property. Without title insurance, property owner may be left vulnerable to a variety of legal issues, including liens, encumbrances, and past title fraud on behalf of previous property owners.