Honeycreek Vigo Title has a long history of serving the Wabash Valley.  When we originally opened as Vigo Abstract by Mr. Shields in 1874, we were one of only two title companies in the area.  While operating out of the basement of the Vigo County courthouse, Mr. Shields met George Wade, owner and operator of Wade Abstract.  In 1958 the two decided that they should merge and operate as one company under the name Vigo-Wade Abstract and Title.  Vigo-Wade Abstract and Title operated continuously under a number of owners before finally being purchased by Jackie McAllister in 2010.  In 2011, fate designed yet another merger between Vigo-Wade and Honeycreek Title Services which had been operated in Terre Haute as a sole proprietorship under Pamela Kappel.  After opening in 2003, Honeycreek Title had grown from a single person home-based operation, to a mutli-person title operation located in Historic Downtown Terre Haute and wanted to continue to grow.  Pam and Jackie decided to merge under the name of Honeycreek Vigo Title Services and are happy to be able continue the legacy as one of the oldest Title Companies in Vigo County.

What is Title Insurance?

What is title?

Simply stated, the title to a piece of property is the evidence that the owner is in lawful possession of that property.

What is title insurance?

Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or the defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions.

How does title insurance differ from other insurance?

Insurance such as car, life, health, etc., protects against potential future events and is paid for with monthly or annual premiums. A title policy insures against events that occurred in the past of the real property and the people who owned it, for a one-time premium paid at the close of the escrow.

What does it cover?

Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the actual policy.

Who needs it?

Purchasers and lenders need title insurance in order to be insured against various possible title defects. The buyer, seller and lender all benefit from the issuance of title insurance.

How is a title policy created?

After the escrow officer or lender opens the title order, the title agent or attorney begins a title search. A Preliminary Report is issued to the customer for review and approval. All closing documents are recorded upon escrow’s instruction. When recording has been confirmed, demands are paid, funds are disbursed, and the actual title policy is created.

What is escrow?

Escrow refers to the process in which the funds of a transaction (such as the sale of a house) are held by a third party, often the title company or an attorney in the case of real estate, pending the fulfillment of the transaction.

What are the policy types?

The Owner’s Policy insures the new owner/home buyer, and a lender’s policy insures the priority of the lender’s security interest.