Harrelson & Harrelson LLP

Midwest Ohio Title Agency

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Overview

Midwest Ohio Title Agency, an affiliate of Harrelson & Harrelson LLP, is a licensed title insurance agent for First American Title Insurance Company (FATIC). Our team examines the title to real property, reviews surveys, prepares title insurance commitments, conducts closings, and issues title insurance policies for both owners and lenders. Midwest Ohio Title Agency is licensed to write title insurance policies throughout the state of Ohio.

Title insurance is indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. It is meant to protect an owner’s or lender’s financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.

Typically, the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans secured by real estate.

An owner’s policy assures a purchaser that the title to the property is vested in that purchaser and that it is free from all defects, liens and encumbrances except those which are listed as exceptions in the policy or are excluded from the scope of the policy’s coverage. It also covers losses and damages suffered if the title is unmarketable. The policy also provides coverage for loss if there is no right of access to the land. Although these are the basic coverages, expanded forms of residential owner’s policies exist that cover additional items of loss.

The liability limit of the owner’s policy is typically the purchase price paid for the property. As with other types of insurance, coverages can also be added or deleted with an endorsement.

Midwest Ohio Title Agency also serves as an escrow agent for both law firm clients and others, whereby we hold money, for the benefit of another person or entity. We are able to set up interest bearing accounts when the funds are clearly identified as client funds. These situations include earnest money deposits, post-closing escrows, and construction loan escrows.

 
 

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