FAQs: Commercial & Residential Title Insurance
Title insurance is an insurance policy that protects your legal rights to own, possess, use, control, and dispose of land. Like homeowner’s insurance protects your home against theft, damage or fire, title insurance protects your right to inhabit your home as well as the land it occupies. An Owner’s Title Insurance policy is typically issued in the amount of the purchase price. You pay for an owner’s policy of title insurance as a one time fee, and the coverage lasts for as long as you or your heirs retain an interest in the property.
WHAT IS TITLE INSURANCE?
Most lenders require a Loan Policy of Title Insurance as a condition of approving a loan. An Owner’s Policy protects you against any title loss not uncovered in a title search. With title insurance, if there is a claim made against the title, the insurer typically pays to investigate the claim and pay for a defense to the asserted claim. If the claim proves valid, the insurer pays the cost of resolving the claim, including losses incurred, under the terms of the insurance policy.
WHY DO I NEED TITLE INSURANCE?
Title insurance is issued after a careful search of the public records by a licensed attorney. Unfortunately, even the most thorough search cannot guarantee that no title issues are present. In addition to matters shown by public records, other title problems may exist that cannot be disclosed in a search. Some of the most common problems are:
False impersonation of the true owner of the property
Mistakes made in the recording of documents
Mistakes in legal descriptions on the recorded documents
Forgery of documents including Deeds and Wills
Undisclosed or missing estate heirs
Documents executed under an invalid or expired power of attorney.
Title insurance protects your interest in your property from common issues such as these and many more, ensuring that you and your heirs have full and free use of your property free from the interests or influence of others. Our years of experience and dedication to providing a quality product allow us to happily provide you with all of your title insurance needs.
WHAT PROBLEMS COULD ARISE?