320 Main St. W. - Ashland, WI  54806      CALL US: (715) 682-3333

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OWNER'S TITLE POLICY

Sometimes title problems occur that could not be found in the public records or are inadvertently missed in the title search process. To help protect you in these events, it is recommended that you obtain an Owner's Policy of Title Insurance to insure you against the most unforeseen problems.

Owner's Title Insurance, called an Owner's Policy, is usually issued in the amount of the real estate purchase. It is purchased for a one-time fee at closing and lasts for as long as you or your heirs have an interest in the property. Only an Owner's Policy fully protects the buyer should a covered title problem arise with the title that was not found during the title search. Possible hidden title problems can include:

  • Errors or omissions in deeds
  • Mistakes in examining records
  • Forgery
  • Undisclosed heirs

An Owner's Policy provides assurance that your title company will stand behind you — monetarily and with legal defense if needed — if a covered title problem arises after you buy your home. The bottom line is that your title company will be there to help pay valid claims and cover the costs of defending an attack on your title. Receiving an Owner's Policy isn't always an automatic part of the closing process, and is paid for by different people in different parts of the country. Be sure you request an Owner's Policy and ask how it is paid for where you live. No matter who pays for the Owner's Policy, the fee is a one-time fee paid at closing. The Owner's Policy protects you for as long as you or your heirs have an interest in the property.

LOAN POLICY

There are two types of title insurance: Owner's title insurance, as mentioned above, and Lenders title insurance, also called a Loan Policy. Most lenders usually require a Loan Policy when they issue you a loan. The Loan Policy is usually based on the dollar amount of your loan. It only protects the lender's interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off.

TITLE AND PROPERTY SEARCHES


We offer the following products in Ashland and Bayfield Counties:

  • Letter Report/Current Owner Report/Owner's and Encumbrance Report - A search from the current vesting deed forward. This report includes current vesting information, open mortgages, liens and judgments and tax information. Turnaround time is 24 to 48 hours.
  • Two Owner/Two Deed Search - Search from the deed prior to the current vesting deed forward. This report includes current vesting information, open mortgages, liens and judgments and tax information. Turnaround time is 24 to 48 hours.
  • 30/40/60 Year Search - Search of the public records for the indicated timeframe. This report includes current vesting information, open mortgages, liens and judgments, tax information and any easements and reservations of record within the timeframe indicated. Turnaround time is 3 to 5 days.

Pricing varies depending on number of parcels and scope of search, so please contact us for specific quotes. Additional counties including Iron, Sawyer and Douglas may be serviced upon request depending on the scope of search needed.

CLOSING SERVICES

  • For Sale by Owner closings
  • Residential sale closings
  • Commercial sale closings
  • Refinance loan closings
  • Purchase loan closings
  • Witness closings

FOR SALE BY OWNER

Upon acceptance of an offer to purchase, the next step is to contact a title company or attorney to handle the closing paperwork and title insurance. Closing services should include:

  • Preparation of closing statements
  • Prorating real estate taxes
  • Obtaining special assessment information
  • Obtaining mortgage payoff statements
  • Preparation of the deed and Wisconsin real estate transfer return form
  • Recording executed documents
  • Funding the transaction


Normal seller costs include:

  • Owner's Title Insurance Premium
  • Transfer Return Tax
  • Closing Service Fee
  • Deed Preparation Service Fee
  • Seller's prorated portion of Real Estate Taxes for current year

Some additional costs that may apply:

  • Overnight delivery costs or bank wire fees for payoffs or seller proceeds
  • Special Assessment Letter Fees charged by some cities/townships

Many of the fees are based on the sales price, so please call or email for specific pricing regarding your transaction.

Use this link to print our For Sale by Owner Worksheet and Checklist that includes everything we will need to get started working on your transaction:

 Worksheet and Checklist Link