We would like to recommend that you purchase a survey for your new
property. A survey will illustrate the boundaries of the property
along with any easements or encroachments that may exist.
As many Lender's & Builders require a survey,
it is important that you consult your Lender or Builder before
making a decision on whether or not to purchase one. If your Lender
or Builder does not require a survey and you wish to order one,
please call our office and let us know as soon as possible.
Owner's Title Insurance
An owner's insurance policy is an inexpensive policy that protects
you against defects in the title to your property. The policy
covers the equity that you have in your property, for as long
as you own it. It is highly recommended that you obtain a policy.
When preparing your HUD-1 settlement statement,
our office will include a charge for an owner's title insurance
policy at line 1110. Should you decide that you do not want to
purchase the policy, we will remove the charge from the statement
at your request.
You should received your Owner’s Title
Insurance Policy at the same time as the original recorded Warranty
Deed. The time frame varies depending on which county your property
is located within. Three months is the average expected timeframe.
If you have not received your Owner’s Title Insurance Policy
after three months, please contact our Post Closing department
or by phone 404-257-8885.
Please bring a certified check to closing for the funds required
by your lender. We would like to recommend that these funds be
made payable to you. This precaution will help to ensure your
protection, should you lose or misplace the check prior to the
closing. You may then sign the check over to our law office at
Please bring your driver's license with you to the closing, as
a form of identification. Please check with your lender prior
to closing to see if the lender is requiring any additional items
be brought to the closing.
Receipt of Tax Bills
The tax bills will be mailed out as early as July and as late
as December, depending upon the county in which your property is
situated. When the lender is escrowing funds for the taxes, the
taxpayer should place his loan number on the tax bill and enclose
it along with the next installment and forward it to the lender,
who will pay the taxes out of the escrow account. IMPORTANT FAILURE
TO MAKE A TAX RETURN WILL RESULT IN A 10% PENALTY, FORFEITURE OF
HOMESTEAD EXCEPTION, AND WILL INCREASE YOUR MONTHLY PAYMENTS. IF
YOUR PROPERTY IS LOCATED WITHIN THE LIMITS OF A CITY, YOU MUST ALSO
RETURN IT FOR CITY TAXES.
Why Do I Need Title Insurance?
When you purchase your property there will be an examination
of the real estate records in the county where the property is located.
This examination will uncover any defects in the chain of title
or liens, which may currently be of record. Even with such a thorough
review of the title, items may be missed in the public records that
could entitle someone else to file an ownership claim to the title
of your property. There are situations where even a mere clerical
error in the records could affect your ownership. Furthermore, most
metro Atlanta counties are behind in recording liens and/or deeds
which have already been filed, these would therefore not appear
What Are The Title Risks Which May
Landowner's rights have a high priority because of the value
that is placed on real property. There are others, however, who
have rights to a landowner's property. These parties could include
Lenders; Leaseholders; Materialmen; and even the State, County,
and City where you reside for property taxes. As a new property
owner, you may not be aware of any prior claims or risks to the
title of your property and, therefore, are vulnerable to such claims.
The mere issuance of a Warranty Deed and other documents by the
Seller does not provide you with absolute protection and does not
absolve other claims to the property. Other issues, which could
affect your title, are prior civil lawsuits, divorces, prior personal
tax liens and judgments, foreclosures, or bankruptcies of any prior
What Does Title Insurance Cover?
Each title insurance company has different underwriting guidelines
and stipulations; however, your title insurance should cover for
Legal Defense on any claims against your title and/or in the event
a loss is sustained, should protect you up to the full amount of
your policy. Your policy amount is usually the full purchase price
you paid for your property.
What is the Cost of Title Insurance?
Title Insurance is very inexpensive considering the amount of
security you will receive. This is a one-time premium that covers
you throughout your ownership of the property. We will be happy
to quote you the exact fee involved for your particular property.
How Do I Obtain Title Insurance?
As your Title Insurance Agent, The Law Offices of Sam F. Maguire
can provide you with Title Insurance coverage through the following
insurers: Stewart Title Insurance Company, Chicago Title Insurance
Company, Ticor Title Insurance Company, and First American Title
Exemption? Please Click Here For Details.