Also What is Title Search?
The goal of title insurance
is to protect the largest and most important investment that
you'll ever make – your real estate investment.
Title insurance is different
from other forms of insurance. While most other insurance protects
against losses from future events, title insurance eliminates
risk and prevents losses resulting from events in the past including
fraud, missing heirs, recording errors, unfiled liens, improper
court proceedings, unfiled easements and restrictions on the
use of your property.
The owner pays a one-time
premium and the title policy remains in effect as long as the
insured, or the insured's heirs, retain an interest in the
property. Title insurance protects both purchasers and lenders
against loss. If the status of the title to the property is
other than is stated in the title policy, and if the insured
suffers a loss as a result of the title defect, the insurer
will reimburse the insured for that loss and related legal expenses
up to the face amount of the policy, which is equivalent to
the purchase price or loan amount.
The following is a list
of the most common risks that can cause loss of title or create
an encumbrance on title, which title insurance protects against:
- Liens for unpaid estate,
inheritance or income taxes
- Forged deeds, mortgages,
- Undisclosed or missing
- False impersonation
of the true owner of the property
- Instruments executed
under an invalid or expired power of attorney
- Mistakes in recording
- Deeds by persons supposedly
single, but actually married
that we provide is backed by two of the most stable title insurance
underwriters, Stewart Title Guaranty Company and Old Republic
National Title Insurance Company.