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
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St. Patrick's Day!
Check out Emmetsburg for your St. Patrick's Day celebration! You may just be surprised what a great location this is for some fun. It was even featured among the 10 most surprising places to celebrate St. Patty's!. See for yourself below!
Miller's Bay
Miller's Bay, on the west side of West Lake is a popular spot for boaters in the summer to just go chill out, throw an anchor, and relax. On the weekends, this bay is filled with boats tied up to each other offering families the opportunity to have the kids swim, or you might find a bunch of party animals chugging beers and enjoying the summer sun. Either way, everyone is having a great time, and so if you are out and about, just know that Millers Bay is where boaters go in the summer to be where the party is at.
