Secure and accurate title searches
and insurance policies.
This Company and its predecessors have been serving the title needs of those individuals and companies dealing with real estate in Iroquois County, Illinois, since 1863. Iroquois County Title and Trust Company was founded in 1902 when the companies of several small abstracters were bought and a corporation was formed. In 1978 the trust department was sold to Watseka First National Bank and Iroquois Title Company began its existence.
Since the incorporation of Iroquois County Title and Trust Company, there have been six presidents of the companies. F. L. Hooper was its first.
J. O. Bailey served from 1920 to 1953 when William N. Cavitt took control. Virgil J. Gaines began his tenure in 1972 until turning over the reins to Wayne A. Lehmann in 1991, and he served until 2021 when Tim Bohlmann succeeded him. All the while there have been many loyal and dedicated employees who have contributed to the continued success. This corporate culture has served the ownership, staff and community well. It is the ongoing goal of Iroquois Title Company to maintain the high degree of expertise and integrity to ensure the Company’s future success.
Facilitating the transfer of title to real estate has been an ever-evolving procedure. Throughout the 1800’s and most of the 1900’s abstracts were used exclusively as a form of title evidence. An abstract is a history of the chain of title to a tract of real estate. It lists each event individually as they are recorded in the public records. An attorney examined the abstract then rendered an opinion as to the condition of the title. Local practices often dictated what was acceptable to buyers and lenders.
As society became more mobile and lenders became more regional and national, there arose a need for a more standardized procedure for completing the real estate transactions. Thus began the wide spread use of title insurance. Abstracts became the exception and title insurance the rule. In this type of insurance, the underwriter accepts the liability that the condition of the title is as stated on the policy as of the date thereof. Thus, the risk of a defective title is shifted from the owner and lender to a large company with sufficient assets should any claim arise. Under certain circumstances the closing of the transaction is also insured.
Future changes are unknown. However, the goal of Iroquois Title Company remains - serve the needs of our clients to the best of our ability.
When purchasing a new home or refinancing an existing mortgage, do you know what transpires from the time of application to the day of settlement? At Iroquois Title Company, we realize your home is your most valuable asset. We understand the stress associated with purchasing or refinancing a home and are available to answer any questions or concerns you may have regarding your settlement. Our staff of dedicated professionals will guide you through the entire process and will assure that you are protected against adverse title claims or risks long after your settlement.
Owning real estate is one of the most precious values of freedom in this country. You want the assurance that the property you are buying will be yours. Other than your mortgage holder, no one else should have any claims or restrictions against your home.
Title insurance is issued after a careful examination of the public records. But even the most thorough search cannot absolutely assure that no title faults are present, despite the knowledge and experience of professional title examiners. In addition to matters shown by public records, other title problems may exist that cannot be disclosed in a search. Title insurance eliminates any risks and losses caused by faults in title from an event that occurred before you owned the property.
Title insurance is different from other types of insurance in that it protects you, the insured, from a loss that may occur from matters or faults from the past. Other types of insurance such as auto, life, or health cover you against losses that may occur in the future. Title insurance does not protect against any future faults, but does protect you from risks or undiscovered interests. Another difference is that you pay a one-time premium for a policy that remains effective until the property is sold to a new owner - even if that doesn't occur for decades.
Please reach us at iroqtitle@maxwire.net if you cannot find an answer to your question.
A lender's policy, also known as a loan policy or a mortgage policy, protects the lender against loss due to unknown title defects. It also protects the lender's interest from certain matters which may exist, but may not be known at the time of the sale.
This policy only protects the lender's interest. It does not protect the purchaser. That is why a real estate purchaser needs an owner's policy.
An owner's policy protects you, the purchaser, against a loss that may occur from a fault in the ownership or interest you have in the property. You should protect the equity in your new home with a title policy.
Protection from financial loss due to demands that may be charged against the title to your home, up to the cost of the title policy.
Payment of legal costs if the title insurer has to defend your title against a covered claim.
Payment of successful claims against the title to your home covered by the policy, up to the cost of the policy.
Any purchaser will need evidence that his investment in your property is free of title defects. The title insurance policy that you provide the purchaser is a guarantee that you are selling a clear title to your real estate, unencumbered by any legal attachments that might limit or jeopardize ownership. It will reassure your purchaser that he or she is protected from any risks or losses and could help you close your deal.
Without title insurance, you may not be fully protected against errors in public records, hidden defects not disclosed by the public records, or mistakes in examination of the title. As a result, you may be held fully accountable for any prior liens, judgments or claims brought against your new property. If this should occur, your title policy insures that you will be defended at no cost against all covered claims up to the amount of the policy.
The insurance commission approves and controls the premiums for title insurance policies. The premiums are paid only once and the cost depends upon the purchase price of the property and the policy amount must be equal to the purchase price.
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