Residential Purchase Title Order
When a property is a residential home this Order should be used for residential Purchase Transactions and will result in an Owners Title Insurance Policy being issued in the amount of the purchase price. When mortgage financing is involved, such as when a mortgage is taken out to buy the house, a Lenders Title Insurance Policy will also be provided for a fee and will be issued in the amount being borrowed (or otherwise requested by the insured party).
Refinance and Lender Title Order
This product results in a Lenders/Mortgagees Title Insurance Policy, insuring the Lender for the amount being borrowed, when the existing mortgage(s) is/are refinanced or a new first mortgage is being recorded. The policy, when issued, insures a first lien position against the real estate.
Home Equity Product or Second Mortgage
Utilizing a simplified, timely and cost effective approach to provide title insurance policy or property information necessary to serve the needs of home equity lending. Greater Indiana Title Company can provide you with a Junior Loan Policy (JLP) sometimes referred to as a Limited Liability Policy (LLP) for loans with maximum coverage of $130,000.00. This product is designed to provide concise information in a brief format. The simplicity of the product will allow you to expedite your closing. Typically, this product is not intended for a mortgage in 1st lien position.
A search report provides current ownership, tax information, liens and encumbrances of a specific property.
Search Documents Only
Upon completion of a search, GIT will provide copies of instruments found in the public record relating to a particular property based on specifications for length of search, which may include the deed(s) of record, tax information, liens and encumbrances.
Specific Document Needed
GIT will provide services for requests for a specific document related to a property can be requested, such as last deed, CCR’s or tax printouts to assist in completion of Listing profile.
Commercial Purchase Title Order
When the Order is for business purposes or the property is not a residential house, but an apartment building, an office building, or warehouse, etc., this type of order is used for commercial purchase transactions that will result in an Owners Title Insurance Policy being issued in the amount of the purchase price. When financing is involved, such as a mortgage or other type of collateral, a Lenders Title Insurance Policy will also be provided for a fee and will be issued in the amount being borrowed. Also, the type of search is more involved than a residential purchase title order and many times the Policies will be issued with specially requested endorsements for an additional fee.
Title Report Products
The most commonly requested custom search products include Search Reports, Certificates of Title and Foreclosure Reports. The liability associated with these products is limited to $1000.00. With the variety of resources Greater Indiana Title Company has available, we would be happy to discuss your particular title need to determine what information we can provide to assist you.