A Title is the foundation of property ownership. It is the owner’s right to possess and use the property.
Because land is permanent and can have many owners over the years, various rights in land may have been acquired by others (such as mineral, air or utility rights) by the time you come into possession of it, even if the land has never before been built upon. So in order to transfer a clear title to a piece of land, it is first necessary to determine whether any rights are outstanding.
A Title Search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.
A Title Search can show a number of title defects and liens, as well as other encumbrances and restrictions. Among these are unpaid taxes, unsatisfied mortgages, judgments against the Seller and restrictions limiting the use of the land.
Yes. There are some “hidden hazards” that even the most diligent title search may never reveal. For instance, the previous owner could have incorrectly stated his marital status, resulting in a possible claim by his legal spouse. Other “hidden hazards” include fraud and forgery, defective deeds, mental incompetence, confusion due to similar or identical names, and clerical errors in the records. These defects can arise after you’ve purchased your home and can jeopardize your right to ownership.
Title Insurance is your policy of protection against loss if any of these problems even a “hidden hazard” results in a claim against your ownership.
That depends on the claim. In an extreme case, you could lose your entire home and property and still be liable to pay off the balance of your mortgage. Most claims aren’t that dramatic, but even the smallest claim can cost you time, money and aggravation, and you may have to pay costs for a legal defense.
If a claim is made against your property. Title Insurance will, in accordance with the terms of your policy, assure you of a legal defense and pay all court costs and related fees.
Not necessarily. A deed is just a document by which the right of ownership in land is transferred, whatever that right may be. It’s not proof of ownership, and it doesn’t do away with rights others may have in the property. In addition, a deed won’t show you liens or claims that may be outstanding against the title.
Maybe and maybe not. An abstract is a history of the property title as revealed by the public records. Abstracts may contain errors and do not disclose “hidden hazards” that can threaten your property title if you do not have a Title Insurance Policy.
An Attorney’s opinion is based on a search of the public records. So, once again, even the most exhaustive search of these records may not reveal everything. Unlike a Title Insurance Company, an Attorney is not liable if you should suffer loss because of “hidden hazards” in the title.
Because the owner could, in a very short time, do many things to encumber the title. For example, he could grant easements or construct improvements that encroach on adjacent property. He could get married or divorced, or have a lien filed against the property. It is necessary to conduct an up-to-date title search to uncover any such problems.
A Title Policy insuring the builder does not protect you. Also, a great many things could have happened to the land since the builder’s policy was issued. Liens, judgments, and unpaid taxes for which prior owners were responsible may be disclosed after you purchase the property -causing you aggravation and costing you money.
Yes. Basically there are two different types of policies a Lender’s Policy and an Owner’s Policy. The Lender’s Policy protects the Lender’s interest in the property as security for the outstanding balance under the Buyer’s mortgage. The Owner’s Policy safeguards the Buyer’s investment or equity in the property up to the face amount of the policy. (Title insurers in many states offer increased policy coverage through inflation endorsements to cover increases in value due to inflation.)
Probably a lot less than you think. Charges vary in different sections of the country, but generally the cost of title insurance (including search, examination, and related services) amounts to about one percent or less of the cost of the property. And unlike other insurance premiums, which must be paid annually, a title insurance premium is paid one time only, usually at settlement.
For as long as you or your heirs retain an interest in the property and, in some cases, even beyond.
From any licensed Title Insurance Company or its representative operating in your state. When choosing a title insurer, it is important that you look for a company with expertise and experience, as well as the financial strength to protect you should a claim arise. Your Broker or Attorney can recommend such a company.
Flying S stems from a cattle brand that originated with the Company founder’s son, Dwain Stufflebeam. While stationed at the Air Force Base in Amarillo, Texas, Dwain and his wife, Joyce, created the brand and later used it in their ranching operation in Southeast Idaho. The “S” stands for Stufflebeam, and the “wings” on each side represent Dwain’s love of flying.
We feel our new brand, Flying S, reflects the “whatever it takes” attitude prevalent among those who work on the land. It is this same attitude we want to reflect in our Company culture. The family brand seemed a fitting representation of the new Company identity.
The name change is not the result of a merger or acquisition. We proudly remain a third-generation
family-owned business with roots back to 1905.
As an independent agent for over 40 years, we have used the name First American Title Company
and have been confused with the national underwriter based in Santa Ana, California. While we
have carried this name with pride, we feel it is time to rebrand our offices to set us apart and better
represent our Company and culture.
On October 31st, our First American Title Company and First Montana Land Title Company in Idaho
and Montana, Gillette Title Services and Laramie County Abstract & Title Company in Wyoming, will
officially become Flying S Title & Escrow.
Over the coming weeks, you will see changes in our offices.
You will see our name and logo updated on the exterior and interior signage, an updated website,
updates on all documents, and other branded communications.
The rebrand will not result in a change in fees, but fees may change due to other determining variants.
We will continue to write policies for the top national underwriters Old Republic National Title
Insurance Company, Fidelity National Title Insurance, Commonwealth Land Title Insurance Company,
Chicago Title Insurance Company, First American Title Insurance Company, and Westcor Land Title
The Team you know, and trust will continue to provide the same products, responsive service, and
dedication to excellence. With the “whatever it takes” attitude, our top priority is providing you with exceptional service.
• Our phone numbers will remain the same.
• Our website address will change to FSTE.com.
• Our email addresses will change to a new format and domain, for example, firstname.lastname@FSTE.com.
Please update our contact information in your address book and direct your messages to our new
email addresses. No worries if you forget – we will still receive messages sent to the old addresses.
Yes. You can find us by searching @FSTECity. For example, @FSTEPocatello or @FSTEMissoula.