Investor's Loan Guide by Graham W. Parham

include:
• Errors or omissions in deeds
• Mistakes in examining records
• Forgery
• Undisclosed heirs
An Owner's Policy provides assurance that your title company will stand
behind you monetarily and with legal defense if needed. The bottom line is
that your title company will be there to help pay valid claims and cover the
costs of defending an attack on your title. Receiving an Owner's Policy is not
always an automatic part of the closing process, and is paid for by the buyer
or seller. Be sure you request an Owner's Policy and ask how it is paid for where
you live. No matter who pays for the Owner's Policy, the fee is a one-time fee
paid at closing. The Owner's Policy protects you for as long as you or your heirs
have an interest in the property.
You also have the option of purchasing a policy with expanded
coverage. This is called the Homeowner's Policy, and it covers more things than
the Owner's Policy. Ask your local title company for an explanation of the
expanded Homeowner's Policy so you can decide which policy is the best one
for you.
Source: www.homeclosing101.org
What is TRID?
TRID, which stands for TILA RESPA Integrated Disclosure, is the culmination
of several years of discussions between CFPB and members of the banking and
title industries. TRID consolidates the existing disclosures required under TILA
and RESPA for closed-end credit transactions secured by real property into two
forms: a Loan Estimate that must be delivered or placed in the mail no later
than the third business day after receiving the consumer’s application, and a
Closing Disclosure that must be provided to the consumer at least three
business days prior to consummation.
First, the Good Faith Estimate (GFE) and the initial Truth-in-Lending
disclosure (initial TIL) have been combined into a new form, the Loan Estimate.
Similar to those forms, the new Loan Estimate form is designed to provide
disclosures that will be helpful to consumers in understanding the key features,
costs, and risks of the mortgage loan for which they are applying, and must be
provided to consumers no later than the third business day after they submit a
loan application.
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