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By: Kevin M.
Woodstock Title Corporation
Was buying my first home and didn't know what I was doing at all. My dad still helped me through a lot of it, but Keith and Lillian Richards were both very friendly and helpful throughout the process. I saw there were no reviews for them so I thought I'd leave something. The craziest part was how inexpensive it was (I got my house for a song, but I still paid only about half of what I was expecting to have to). I don't know how they compare to others in that regard, but I was sure pleased about it. I only have good things to say about them.(Btw, I'm posting this on a couple of them because I think it's worth letting people know. I'm sure that a lot of people are about as clueless about buying their first home as I was, so I really wanna spread the word.)
Tips & Advices
Lender's title insurance is designed to protect the interests of the mortgage lender, and it covers only the portion of the equity that is owned by the lender. Owner's title insurance is crafted to shield the interests of the homeowner, and it provides coverage for the homeowner's equity in the property.
Title insurance only covers claims and encumbrances that are already a matter of public record. Title insurance does not cover claims that haven't yet been recorded. Also, title insurance offers no guarantee that you are buying a legally created parcel of land that can be used for the purpose of real estate development.
A title defect is an obstruction that affects the ownership of a property. Liens, mortgages, and judgements are all title defects, and they can prevent a seller from legally offering full rights to a piece of property. A title defect can also take the form of improper wording of the title document or improper recording of the ownership or property forms.
If you have an owner's policy, your title insurance will never need to be renewed. However, if you refinance your home, the lender will require you to invest in a new lender's policy. A new lender's policy is required even if you are refinancing with the same lender with which the original purchase of the property was made.
With lender's title insurance, coverage lasts until the mortgage is paid in full. With owner's title insurance, coverage lasts for as long as the owner or the owner's heirs have interest in or ownership of the property that is covered.

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