Wendell L. Hawkins, P.A. prides itself on representing Upstate Homeowners in the Purchase and Refinance of their homes.
Residential Loans
Our firm handles residential real estate closings for clients. All aspects of the closing process from title to post-closing is handled by our firm's experienced team of attorneys and paralegals.
Our firm handles residential real estate closings for clients. All aspects of the closing process from title to post-closing is handled by our firm's experienced team of attorneys and paralegals.
TRID PRESENTATION BY WENDELL L. HAWKINS, P.A.
Contact Wendell L. Hawkins, P.A. today about scheduling a TRID Workshop.
OWNERS POLICIES OF TITLE INSURANCE |
SCHEDULE A CLOSING:
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Whether refinancing or purchasing property, you may purchase a Policy of Owner’s Title Insurance that protects you from loss in the event there is a defect in the title to the property by way of undisclosed liens or omitted heirs in the chain of title. The Title Insurance Company also has a duty (in most cases) to hire an attorney to defend the title to your property. While the closing attorney is generally liable for any discoverable defects in the title, the attorney’s liability is based on a negligence theory of law while the title insurance company’s duty to defend and indemnify is, for the most part, absolute. Any attorney’s fees and costs expended in pursuing a closing attorney in an action for negligence is not recoverable in that action and therefore, one may generally spend more money than the value of the title defect thereby making any suit impracticable.
The South Carolina Department of Insurance regulates the Title Insurance Industry and the Company’s rates are filed with the State and the premiums may not be discounted in any way. The attorneys in South Carolina are generally the title agents and are required by the State, when issuing a lenders policy of title insurance, to offer the owner of the property a policy. Generally speaking, assuming the loan policy is less than the purchase price or value of the property, you would only have to pay a simultaneous issue premium of $ 100.00 or the difference in the premium for the higher value amount, which ever is greater. Premiums for the policies when issued simultaneously are not duplicative. The policy of tile insurance will protect you from liability and indemnify you for loss even after you have sold the property, and it needs be purchased only once. Also, if you have a policy of owner’s title insurance, you may qualify for discounts on subsequent lender’s policies if you refinance (up to 50% off the regular rate). Please contact our office if you have specific questions about title insurance. |
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TITLE INSURANCE Q & A FROM FIRST AMERICAN
Title Insurance Re-Issue Rate Credit
Wendell L. Hawkins, PA is a registered Title Insurance Agent for First American Title Insurance Company. The current policies for American Title with respect to re-issue rate discounts on Refinances are as follows:
At First American Title Insurance Company, the Borrower may receive a re-issue rate discount of up to 50% of the standard premium under the following circumstances:
The Borrower must present evidence of an Owners Policy of Title Insurance showing the Borrower as the insured or evidence of a Mortgagee Policy of Title Insurance and that Policy must be less than 10 years old. Evidence of the Policy may be through presentment of the policy itself or a HUD-1 settlement statement showing that the premium was paid. In the absence of an actual policy or the HUD-1 settlement statement, we may, at our discretion, assume the existence of a Mortgagee Policy of Title Insurance in the face amount of any current institutional mortgagee.
Wendell L. Hawkins, PA is a registered Title Insurance Agent for First American Title Insurance Company. The current policies for American Title with respect to re-issue rate discounts on Refinances are as follows:
At First American Title Insurance Company, the Borrower may receive a re-issue rate discount of up to 50% of the standard premium under the following circumstances:
The Borrower must present evidence of an Owners Policy of Title Insurance showing the Borrower as the insured or evidence of a Mortgagee Policy of Title Insurance and that Policy must be less than 10 years old. Evidence of the Policy may be through presentment of the policy itself or a HUD-1 settlement statement showing that the premium was paid. In the absence of an actual policy or the HUD-1 settlement statement, we may, at our discretion, assume the existence of a Mortgagee Policy of Title Insurance in the face amount of any current institutional mortgagee.
Call or Email Us Today for a Price Quote!
Greenville: 864-848-9370 or [email protected]m
calculate title insurance rates with first american.
This rate calculator is provided for your convenience only. Rates are not guaranteed to be accurate. Please contact our office for an accurate rate and provide the following information:
For Re-Issue Rates
1. Date and Amount of the existing Policy. (See HUD-1 from current loan)
2. The Type of existing Policy (Mortgagee or Owner’s) (See HUD-1 from current loan)
3. Your New Loan Amount.
For Standard and Enhanced Policy Rates
1. For Refinances, Your Loan Amount.
2. For Purchases, Your Loan Amount and the Sales Price.
For Re-Issue Rates
1. Date and Amount of the existing Policy. (See HUD-1 from current loan)
2. The Type of existing Policy (Mortgagee or Owner’s) (See HUD-1 from current loan)
3. Your New Loan Amount.
For Standard and Enhanced Policy Rates
1. For Refinances, Your Loan Amount.
2. For Purchases, Your Loan Amount and the Sales Price.
EAGLE v. Standard owner's policy.
benefits of an eagle owner's policy.
How Do I Want to Hold Title?
JOINT TENANTS WITH RIGHTS OF SURVIVORSHIP vs. TENANTS IN COMMON
WHAT IS THE DIFFERENCE?
a. JOINT TENANTS WITH RIGHTS OF SURVIVORSHIP AND NOT AS TENANTS IN COMMON
If you hold title as “Joint Tenants With Rights of Survivorship and Not as Tenants in Common,” the real property described in the deed (and that property only) will automatically pass to the surviving Joint Tenant(s) upon the death of the other without having to go through the probate process. The property is a non-probate asset, but this does not mean that the transfer is non-taxable. That is a separate estate planning matter beyond the scope of the real estate closing representation. Many people prefer to make a Last Will and Testament for the disposition of assets at death. If you do not have a Will, your property will pass to your heirs through the laws of intestacy. Generally, if you are married and do not have a Will, one-half (1/2) of your assets will pass to your spouse and one-half to your children upon your death. If you have no children, all property will pass to your spouse.
The one drawback to Joint Tenancy is that, arguably, if one tenant gets a lien on himself or herself, the lien attached to 100% of the property. Whereas, if you were tenants in common, a lien against one of the tenants can only attach to that tenant’s interest in the property (i.e. if husband and wife, and husband gets a judgment against him, it can only attach to his 50% equity interest). This becomes especially important in divorce issues.
b. TENANTS IN COMMON
As Tenants in Common, each tenant owns their respective fractional interests in the property (i.e. if two people, then 50% each unless otherwise delineated in the deed). If one dies, then his or her estate must be probated to sell or otherwise mortgage the property. This could take as long as nine months, especially if the decedent had no will. If children (<18 year old) inherit through intestacy, then a conservatorship will have to be established and special orders issued to either get children off of title or otherwise re-finance. This can be avoided by having a Will.
WHAT IS THE DIFFERENCE?
a. JOINT TENANTS WITH RIGHTS OF SURVIVORSHIP AND NOT AS TENANTS IN COMMON
If you hold title as “Joint Tenants With Rights of Survivorship and Not as Tenants in Common,” the real property described in the deed (and that property only) will automatically pass to the surviving Joint Tenant(s) upon the death of the other without having to go through the probate process. The property is a non-probate asset, but this does not mean that the transfer is non-taxable. That is a separate estate planning matter beyond the scope of the real estate closing representation. Many people prefer to make a Last Will and Testament for the disposition of assets at death. If you do not have a Will, your property will pass to your heirs through the laws of intestacy. Generally, if you are married and do not have a Will, one-half (1/2) of your assets will pass to your spouse and one-half to your children upon your death. If you have no children, all property will pass to your spouse.
The one drawback to Joint Tenancy is that, arguably, if one tenant gets a lien on himself or herself, the lien attached to 100% of the property. Whereas, if you were tenants in common, a lien against one of the tenants can only attach to that tenant’s interest in the property (i.e. if husband and wife, and husband gets a judgment against him, it can only attach to his 50% equity interest). This becomes especially important in divorce issues.
b. TENANTS IN COMMON
As Tenants in Common, each tenant owns their respective fractional interests in the property (i.e. if two people, then 50% each unless otherwise delineated in the deed). If one dies, then his or her estate must be probated to sell or otherwise mortgage the property. This could take as long as nine months, especially if the decedent had no will. If children (<18 year old) inherit through intestacy, then a conservatorship will have to be established and special orders issued to either get children off of title or otherwise re-finance. This can be avoided by having a Will.
