About HRC Title Agency:

Committed to delivering efficient, accurate, and professional service on each transaction, HRC Title Agency is a title insurance agency that you can count on. HRC Title will be with you every step of your settlement journey, from the time a title order or contract is received, until issuing the final title insurance policy after closing. HRC Title Agency’s staff has extensive experience in many types of residential and commercial transactions and it would be our pleasure to assist you with your real estate needs.

HRC Title Agency Services is currently licensed in Virginia and Delaware and we offer our services in each county of these states.

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Title Insurance:

Title Insurance protects the insured against loss should the condition of the property’s title be other than as insured. Although each is different, policies generally offer protection against property loss or damage that result from liens, encumbrances or other defects in the title.

Title Insurance is offered to both property owners (Owner’s Policy) and lenders (Loan Policy). The Owner’s Policy is purchased for a one-time fee at closing and is typically issued in the amount of the sales price. Likewise, the Loan Policy, which is required by most lenders, is purchased for a one-time fee at closing and is based upon the loan amount.

What Does Title Insurance Cover?

Dower or curtesy rights of ex−spouses of former owners
Fraud in connection with execution of documents
Clerical errors in recording legal documents
Undisclosed or missing heirs
Unsatisfied claims not shown on record
Deeds executed under expired or false powers of attorney
Liens for unpaid taxes
Forged deeds, releases or wills
Wills not properly probated

What is A Title Search?

The title company performs a “title search” by searching the land records in the county or city where the property is located. The title company will examine the records to first determine the name(s) of the property owner(s). The title search also exposes any mortgages, liens, unpaid taxes, or judgments that affect the property. Finally, the title search reveals restrictions, covenants, easements and any leases affecting the property.

Title Commitment

The title commitment is issued by the title company as a commitment or promise to issue a title policy to the buyer or lender after the closing provided that the requirements of the commitment are met. The commitment is issued prior to closing whereas the formal title policy is issued after closing. The commitment sets forth information pertaining to the property owner(s), the legal description, and matters revealed by the public record that affect the property. The commitment will also show a Requirements section setting forth items that must be addressed or documents that must be provided prior to issuing the final title policy.

Types of Policies

There are different title policies available to purchasers and lenders. The items covered in the policies and the costs for the policies vary depending on the specifics of the property and certain elections of the insured. Generally speaking, the title industry offers two types of policies: a “basic” and an “enhanced.” The enhanced policy will offer some additional coverage as compared with the basic policy. Questions pertaining to coverage and costs should be discussed on an individual basis with the title company.

Please see this chart for a comparison between basic and enhanced title insurance.