Title insurance is a type of insurance policy that protects the policyholder (typically a homebuyer or lender) from financial loss in the event that there are defects or issues with the title to a property. These defects or issues may include claims of ownership by others, outstanding liens or judgments, undisclosed heirs, or other encumbrances that can affect the ownership or use of the property.
Real estate is traditionally a person's largest investment and most valuable asset. Without title insurance, you could lose your home. Title insurance is insurance against loss or damage resulting from title defects that can include undisclosed heirs, misfiled liens, real estate tax issues, fraudulently signed documents and mortgage releases, filing errors, etc. to name a few.
It's crucial for the home buyer to purchase title insurance in today's climate where fraud and forgery are on the rise.
1 out of every 3 title searches reveals a title or public record defect that's fixed before the transaction closes.
There is a one-time premium based on regulated rates filed with the state and typically less expensive than your annual auto insurance.
Title insurance is typically a combination of two policies: an Owner’s Policy and a Lender’s Policy.
As a buyer, you want to protect your investment – and the ownership rights that come with it. An owner’s policy of title insurance will protect your rights as the homeowner for as long as you or your heirs have an interest in the property.
If you are working with a lender to purchase a home or refinance an existing mortgage, purchasing title insurance is a lender requirement. This policy protects the bank or other lending institutions for as long as they maintain an interest in the property. When purchased simultaneously with an owner’s policy, the lender’s premium is reduced to a simultaneous issue fee, depending on the type of policy.
Some common examples of problems covered by an Owner’s Title Policy include:
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