RB Title FAQs
Answers to Frequently Asked Questions
1) What is Title Insurance?
Title Insurance is an insurance policy that covers the insured party against losses, up to the policy amount, resulting from disputes over the rightful ownership of a piece of real estate property. No title company can guarantee that a purchaser of real estate property is the owner of the property. The title company reviews all recorded documents related to the property and makes a judgment related to the ownership of the property. If they feel comfortable that you should be the owner of the property, the title company will issue a policy covering you against loss if for any reason you are not the proper owner of the property.
2) What are the benefits of title insurance?
For lenders, a mortgagee title policy protects the lender from a loss incurred, up to the loan amount, in financing a piece of real estate resulting from an invalid or inferior lien position. A mortgagee policy allows the lender to originate real estate loans without having to have a real estate attorney review each loan.
For the homeowner, an owner's title policy protects the owner from a loss, up to the policy limit, resulting from a future claim against their ownership of the property.
3) When can I use RB Title?
- When selling a property through a real estate agent, just instruct the realtor to use RB Title as your closing agent.
- When selling a property on your own, include RB Title as the closing agent on your contract.
- When purchasing property the seller normally chooses the title company to use, but it is still an item you can negotiate with the seller. Educate the seller and their realtor about RB Title's low fees and settlement services.
- When refinancing your property, just instruct your mortgage lender to use RB Title and have them fax us their closing instructions.
- When building a home instruct your builder and lender, if applicable, to use RB Title as your closing agent.
4) What benefits do I receive by closing my transaction through RB Title?
- Fast turn-around times for Atascosa, Bexar, Comal, Guadalupe, Hays, Kendall, Medina, Nueces, Travis and Williamson counties.
- A low settlement/escrow fee. This fee does not vary according to loan amount or loan type.
- No fee for delivery/courier service.
- No fee for photocopies of legal documents or deed restrictions.
- No courtesy closing charge if your transaction is closed at any RBFCU branch.
5) If I choose RB Title, how do I request title services?
You can fax or e-mail RB Title your order. An order is usually initiated with the receipt of your earnest money contract or closing instructions from your lender.