- Owner Policy – Owner policies protect the owner. A title insurance owner policy is a one-time fee protection for as long as you or your heirs own the insured interest in the property. An owner’s interest is not covered under a lender policy; but it does protect the owner from unknown heirs to property and other similar issues that may arise.
- Purchaser Policy -- A purchaser policy is issued to real estate purchases under a contract for deed.
- Loan Policy -- A lender policy protects the lender from any loss due to unknown title defects and other conditions which may exist but not be known at the time of sale. Lenders want to protect their investment, so they will purchase the lender policy as a standard part of the loan process. It also guarantees the new mortgage provider is in first place. This lender policy does not protect the owner’s interest in the property, nor does it protect ownership rights.
- Leasehold Policy -- A leasehold policy insures the owner of the leasehold estate and provides coverage similar to that in an owner policy. The leasehold policy delivers a definition of a "leasehold estate" and the method regarding valuation of the leasehold estate for claims purposes.
Closing and Escrow Services
At Titles of Dakota, our goal is to ensure the purchase of your property proceeds smoothly and efficiently. We offer full-service closing and escrow service in the areas of:
- Residential Closings
- Commercial Closings
- Agricultural Closings
- Cash Purchase Closings and Transactions
- For Sale by Owner Closings and Transactions
- Refinance Closings
Real Property Searches
- Abstracts – A property abstract is a collection of legal documents that chronicles activities associated with a particular parcel of land. Generally included are references to deeds, mortgages, wills, probate records, court litigations and tax sales – basically, any essential legal documents that affect the property.
- Owners and Encumbrance Reports – These are simplified, non-insurance reports designed for informational purposes to aid in closings of equity and home improvement loans. This search is also widely used by investors and homeowners to check open liens and judgments against a property.
- Document Copies –Titles of Dakota is able to provide you with copies of all documents affecting title to your property.