Mariners Title Agency

What is Title Insurance?
Title insurance is an indemnity contract, usually issued by a title insurance company, which insures a home buyer against errors in the title search. This insurance provides the insured "peace of mind" in knowing that they are receiving good and marketable title to the real estate they are purchasing. Policies are also available to protect the lender's interests.

What is a Title Search?
A title search is an examination of the public records that pertain to real estate ownership as well as the rights/limitations in the use of that real estate. The search period will begin with the current owner and extend back in time for a period of 40 years (commonly referred to as the "chain of title").

Why is Title Insurance Necessary?
Title insurance makes home ownership safe and secure. According to real estate law, once settlement is final the buyer is responsible for any valid claims made against the property. This means that any unsettled matters involving the property and past owners become the current owner's problem.

Title insurance protects owners against loss due to a defect in title. In the event problems should arise, it is also the title company's obligation to provide legal support. Mariners Title offers reliable information, insight into historic matters of importance and the security of a state regulated company.

What are Examples of Possible Title Problems?
Problems are rare but can emerge after closing. Some examples include:

Forged signatures.
Claims of missing heirs.
Deeds, wills and trusts that contain improper wording or incorrect names.
Documents executed under an illegal power of attorney.
Pending legal action against the property.
Mistakes in the public records.

Title insurance offers financial protection against these and other title problems.

How Much Does It Cost?
In most states, the title insurance premium is a rate that is approved by state regulators. In Ohio, title insurance pricing is state mandated so all companies charge the same amount. That means the personalized and professional service you receive at Mariners Title is the biggest value we offer.

The state mandated cost is based on a scaled formula and is difficult to explain here. But if you would like a title insurance quote please feel free to call us or use the information request form on this Mariners Title website.

By the way, in Ohio the Title Insurance premium is usually paid for by the seller.

What is a "reissue rate" on Title insurance and how can it save me money?
A reissue rate is a reduced Title insurance rate that is available when a title policy covering the subject property has been done in the last 10 years and can be produced at the time of the title order. When those conditions are met, discounts of up to 30% of the new title insurance premium may be obtained.

What is the difference between Title Insurance and Homeowners Insurance?
Title insurance and Homeowner's insurance give property owners very different types of protection.

Homeowner's insurance combines liability coverage for a homeowner with hazard insurance to cover loss or damage to the home, other structures, and the personal property contents of the home.

Title insurance is to guarantee that you have good and marketable title to the property as explained above.

How long does Title Insurance coverage last?
Although the premium is paid only once at settlement, title insurance continuously protects the owner and his or her heirs as long as they own the property. There is no annual renewal payment needed to keep your policy in force.

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