Header Image

What About Title Insurance?

Title insurance is a policy that protects against financial loss stemming from problems found in a property's title, or legal ownership.

However Iowa is the only state that does not allow private companies to sell title insurance.  The state has a public title guarantee program.  In Iowa, the property abstract is updated and then an attorney's title opinion (title guarantee commitment) is prepared. The program is laid out like this.

(From the Iowa Finance Authority)

The Iowa Legislature created Title Guaranty to provide guarantees of Iowa real property titles, facilitate mortgage lenders’ participation in the secondary market and to help assure the integrity of Iowa’s land-title system. As a division of the Iowa Finance Authority, Title Guaranty is totally self-supporting. All revenue in excess of operation expenses goes toward home ownership programs for first-time homebuyers. Title Guaranty’s profits are re-invested in the state of Iowa.

 Title Guaranty offers Commitments, Certificates, and Endorsements that provide low cost title protection for real estate located in Iowa. Title Guaranty issues coverage based on an abstract and attorney title opinion. Once a participating abstractor prepares an abstract, a participating attorney reviews and then issues a title opinion or Title Guaranty Commitment. All Title Guaranty Commitments, Certificates and Endorsements are issued using the industry standard ALTA forms. For a residential transaction, coverage up to $500,000 is just $110 and an additional $1 per thousand over $500,000. Most common endorsements are offered at no charge. For a non-purchase residential transaction such as a refinance or second mortgage, the premium is just $90 for coverage up to $500,000. As of April 1, 2007, Title Guaranty provides FREE Owner’s Coverage when issued in conjunction with Lender’s Coverage. For more information on rates, click onForms and Documents. Once the transaction is complete and new mortgage documents are recorded, the abstract is updated. Then, either the participant or Title Guaranty will issue the Certificate.


 

GET IN TOUCH

Community Updates

Buyer and seller real estate app, right at your fingertips. in The

Buyer and seller real estate app, right at your fingertips.

The "Real" Estate Blog

Browse real-time MLS listings in the Iowa Great Lakes Region
Filter for specific areas and amenities
Be notified when there is a new MLS listing match, status change, or price drop
Stay in touch with your agent
Save searches and favorites
Agents, Buyers, Lenders and Appraisers can view your transactions
View, download and sign documents

Every 30 seconds, a RE/MAX agent helps someone find their perfect place. Let us help you find yours.

1. Search "SellBoji" in your app store on your cell phone.
2. Download the app
3. Create a profile to access info or save searches (This is not necessary to browse the listings)
4. Enjoy all the benefits of the real estate app

Beware the (I'll get your home sold in a week) agent in The

Beware the (I'll get your home sold in a week) agent

The "Real" Estate Blog

I hear this one all the time from prospects looking to list their house. "Well, agent xyz told us that if we listed with her, she'd have it sold in a week." This would fall into the category of "If it sounds too good to be true, the probably is." The majority of agents are not going to make this claim, but rather will give you an honest market analysis, inform you as to how weak or strong the market is, especially the market in which your home resides, and present the objective facts. A good agent will then lay out an effective marketing plan, where the majority of the focus should be on "online marketing". Be careful to not get caught up in empty promises, reduced commissions, and being talked in to lowering your price below market value (unless you must have a quick sale). The key to choosing a good listing agent is to objectively determine who is going to provide you the best opportunity to sell your home. Will your listing agent also aggressively work to find buyers, or will they just list your home and wait for another agent to do the work.

The Family Diner in Spirit Lake

The Family Diner

Spirit Lake

The Family Diner is Spirit Lake, IA is a local favorite! They offer up a large portion for small money, but whether you come early or late you may be in for a wait. With homemade bread and the largest sausage patty you have seen, The Family Diner is consistently delicious. They are open only for breakfast and lunch and closed two days a week. In my former career at Stylecraft, the family diner was definately a favorite when our friends would visit from North Carolina. They were always inpressed with the bread and rolls and corn beef hash.

Subscribe To Our Newsletter

The newsletter is sent periodically and will updated you on the latest real estate news and offers.