MARTINS FERRY - Arrow Title Agency recently opened a new branch in Martins Ferry, housed inside the Harvey Goodman Realtors location at 102 S. Fourth St.
Arrow provides title insurance and escrow closing services for real estate transactions.
Locally, the majority of title work is conducted by area attorneys.
CARMETTA?PRINCIPE, branch manager for the newly opened Arrow title Agency office in Martins Ferry, is ready to serve the needs of the Ohio Valley in terms of title research, title insurance and escrow closing services.
Cametta Principe, the branch manager for Arrow's Newark and now Martins Ferry locations, noted her company saw a need when deciding to open a local office in the Ohio Valley.
"There are so many attorneys here, but not a lot of title companies ... maybe one or two at the most," Principe said. "Title work in this area is attorney driven and we are hoping to change that."
Principe will staff the Ferry office 1-2 days per week for now. She noted that as business grows locally, Arrow hopes to staff the office full-time throughout the week and build its workforce as business dictates.
An Ohio Valley native, Principe has been in commercial and residential escrow processing and Load administration for 25 years.
A plus for home buyers considering Arrow's services is that Principe is available for closing work both in the evening and on weekends.
"I make myself available 24-7," Principe said. "Every one of my clients has my card and they can call me at any time with questions. I have the capability of accessing work info from home so if they need something quick, I can help.
"We also do evening and weekend closings on Saturdays. We can do closings at the customer's home. We only that the customer have a copy of a photo ID handy for our closer and we'll have an notary right there to complete the transaction."
Based in Columbus with six offices in Ohio and one in Kentucky, Arrow has been performing title and closing work since 2005. It's employees are fully licensed and appointed in five states with capability of handling refinance transactions in another 23 states.
In addition to offering title insurance and escrow and closing services, Arrow handles provides marketing services for realtors and lenders, such as property flyers or brochure templates, postcard setup services, and real property ownership data..
Arrow's staff does extensive title research. However, if the sale should not close, there is no fee charged.
"One of the benefits working with provides is that on transactions where we are issuing title insurance, andIf we perform the title search but the sales falls through for whatever reason, we do not go after anyone for the search fee. It's a cost of doing business," Principe said. We anticipate that the Seller will use us to close their sale to a new buyer because we have already done all the necessary work to close and insure it.
The Seller would just state it in their next contract that they have the title work completed and have the Buyer agree to close with Arrow.
Real estate transactions are considerable investments and a thorough title search is necessary to ensure no issues arises. Problems like liens on the property, conflicting wills and even missing heirs can lead to a number of issues that need to be cleared up prior to purchase. A thorough title search can clear up and discover many potential problems, but many title defects and encumbrances are not discoverable by a title search. One simple example is a forged document. A title search would not be able to uncover that, so title insurance protects the owner from these types of things. However, sometimes even the most exhaustive search can miss a potential problem.
That's where title insurance comes into play.
Many lenders require the borrower to purchase a loan policy, covering the lender for the amount of the loan in the event an issue arises. Because the mortgage lender wants to secure and insure their mortgage lien position, but this does not protect the buyer.
But what about the borrower.
Principe recommends the purchase of an oowner's policy, which covers the full value of the property purchased and not just the loan amount, and can provide many different types of coverages, regarding encroachments, access rights, and protection against forced removal of structures..
"Why cover the lender at a full-price premium when you can cover yourself and then the lender for $100 dollars," Principe said.
Because of simultaneous issue, a loan policy can be purchased on top of the owner's policy for a fraction of the normal loan policy cost.
An owner's policy will generally covers the purchaser in the event a situation arises that necessitates a legal proceeding. Legal defense is provided by the title company for the owner under the terms of the policy. fees and claims will be covered.
Hughes may be reached at email@example.com