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Frequently Asked Questions
Q: What is Title Insurance?
A: In simple terms, it is an insurance policy which guarantees the status of ownership and liens on a particular piece of real estate. The title insurer, for example Chicago Title Insurance Company , issues a policy that the property as of a certain date is owned, subject to certain liens, as shown on the title search. If this is incorrect, and a financial loss is suffered by the insured, the title insurance company will be responsible for a claim.
Q: What is a Title search?
A: The title search is a comprehensive
determination of ownership of a specific piece of property. The title
search will disclose ownership of the property, the liens (e.g. mortgages) against the property and the status of
the real estate taxes on the property.
Q: Who needs to have Title
Insurance? A: When purchasing, selling or refinancing a piece
of real estate, title insurance is usually required by the lender and the
buyer. The buyer wants to be protected that he/she is now the legal owner
of the property. The lender needs to be insured its lien is in the proper
priority in the event of the borrower's default on the mortgage.
Q: What
functions do CLAS perform? A: We are
a service provider for the professional title agents
who represent Chicago Title Insurance Company. We provide
title searches, typing services, underwriting support and general assistance in
the preparation of the title insurance policy.
Q: Who are the Chicago Title agents serviced by
CLAS and what is the advantage of employing their services? A: CLAS
provides services to Chicago Land area attorneys who practice real estate law
and are licensed title insurance agents for Chicago Title Insurance Company.
When represented by an attorney who is a Chicago
Title agent
, the title search is examined by a well educated and
trained attorney who is professionally responsible for the title work. In
addition, the policy is guaranteed by Chicago Title and the closings are
conducted by Chicago
Title.