Alaska Escrow & Title Insurance Agency, Inc.

Frequently Asked Questions

Q: What is title insurance?
A: When you buy a home you are given a title to the property.  This means you receive full legal ownership, but sometimes there is a hidden mistake in a prior deed, will, mortgage, etc. that may give someone else a valid legal claim against your property.  Title insurance is what protects you from loss if a covered defect is found.

Q: Who is covered by title insurance?
A: You as the owner are covered by your Owners Policy.  If you have obtained a loan to purchase the property, your lender will also require you to obtain an ALTA policy that covers the amount of the loan.

Q: What risks are covered?
A: That depends on your policy.  Typically title insurance will protect you from four main risks.

1. Errors: Incorrect information in deeds, mortgages or deeds of trust, and public records, such as wrong or misspelled names.

2. Liens: Claims against the property or the seller that become the new owner's responsibility after the sale.  Examples are unpaid mortgages, unpaid taxes, sewer and water assessments, bills owed to workers or other creditors, etc.

3. Claims to Ownership: "Marital interest" for example, by the spouse of a former owner.  If husband and wife do not deed out of their primary residence properly, even if only one of them was in title, the spouse may still hold interest in the property.  Another matter is children of former owners who are not mentioned in their parents wills.

4.Invalid Deeds: Transfer of title by a previous seller who did not actually own the property, or by a previous owner who was not mentally competent.

Q: How are Escrow Services used?
A: Your escrow closer is an unaffiliated third party between the buyer(s) and seller(s).  Their responsibility is to hold legal documents and funds on your behalf.  They will walk buyer(s) through signing their loan documents, and make sure all bills that accrue through the closing process are paid.  The escrow closer also serves the lender in making sure their documents are completed correctly, and that all requirements are met before the transfer of title occurs.

 

 

Juneau, Alaska




Southern end of Lynn Canal




Auke Bay boat harbor at sunset




Mendenhall Glacier in Juneau, Alaska