Why Title Insurance?
To protect possibly the most important investment you'll ever make - the investment in your home. A lender goes to great lengths to minimize the risk of lending a borrower money needed to buy a home. First, the buyer's credit is checked as an indication of the ability to pay back your loan. Then, your lender goes a step further. He or she makes sure that the quality of the title to the property you are about to buy and which you will pledge as security for the loan is satisfactory. The lender does this by obtaining a lender's policy of title insurance.
This policy only protects the lender's interest; it does not protect you! That's why you need an owner's policy, which can be issued at the same time as the lender's policy by North Idaho Title.
What is Escrow?
Buying or selling real estate usually involves the transfer of large sums of money. It is imperative that a neutral third party, such as North Idaho Title, handles the transfer of funds and related documents from one party to another. It is essential that all conditions of the sale are met before the property and money change hands. The Escrow Holder impartially carries out the written instructions given by the principals (buyer, seller and lender). This includes receiving funds and documents necessary to comply with those instructions, completing or obtaining required, forms and handling final delivery of all items to the proper parties upon the successful completion of the escrow.