Title Insurance – On-Site Title

What is a Title Insurance Policy?

Why should you have a Title Insurance policy?

Owning real estate is one of the most precious values of freedom in this country. You want the assurance that the property you are buying will be yours. Other than your mortgage holder, no one else should have any claims or restrictions against your home.

Title insurance is issued after careful examination of the public records. But even the most thorough search cannot absolutely ensure that no title faults are present, despite the knowledge and experience of professional title examiners. In addition to matters shown by public records, other title problems may exist that cannot be disclosed in a search.

Title insurance eliminates any risks and losses caused by faults in title from an event that occurred before you owned the property.

Title insurance is different from other types of insurance in that it protects you, the insured, from a loss that may occur from matters or faults from the past.

Other types of insurance such as auto, life, or health cover you against losses that may occur in the future. Title insurance does not protect against any future faults, but does protect you from risks or undiscovered interests.

Another difference is that you pay a one-time premium for a policy that remains effective until the property is sold to a new owner – even if that doesn’t occur for decades.

How much does Title Insurance cost?

The insurance commission approves and controls the premiums for title insurance policies. The premiums are paid only once and the cost depends upon the purchase price of the property and the policy amount must be equal to the purchase price.

What risk does Title Insurance cover?

Here are some potential risk’s that could end up costing time and money to fix on your own, but a Title Insurance Policy would protect you from that.

Undisclosed heirs
Forged deeds, mortgages, wills, releases and other documents
False impersonation of the true land owner
Deeds by minors
Documents executed by a revoked or expired Power of Attorney
False affidavits of death or heirship
Probate matters
Fraud
Deeds and wills by persons of unsound mind
Conveyances by undisclosed divorced spouses
Rights of divorced parties
Deeds by persons falsely representing their marital status
Adverse possession
Defective acknowledgements due to improper or expired notarization
Forfeitures of real property due to criminal acts
Mistakes and omissions resulting in improper abstracting
Errors in tax records

What is a Lender’s Policy?

A lender’s policy, also known as a loan policy or a mortgage policy, protects the lender against loss due to unknown title defects. It also protects the lender’s interest from certain matters which may exist, but may not be known at the time of the sale.

This policy only protects the lender’s interest. IT DOES NOT PROTECT THE BUYER/BORROWER. That is why a real estate buyer should purchase an owner’s policy so they too are also protected.

Why should the Buyer get Title Insurance

Without title insurance, you may not be fully protected against errors in public records, hidden defects not disclosed by the public records, or mistakes in examination of the title. As a result, you may be held fully accountable for any prior liens, judgments or claims brought against your new property. If this should occur, your title policy insures that you will be defended at no cost against all covered claims up to the amount of the policy.

What is an Owners Policy?

An owner’s policy protects you, the Buyer, against a loss that may occur from a fault in the ownership or interest you have in the property. You should protect the equity in your new home with a Title Insurance Policy.
What does an owner’s title policy provide?

It provides protection from financial loss due to demands that may be charged against the title to your home, up to the cost of the title policy.
Payment of legal costs if the title insurer has to defend your title against a covered claim.
Payment of successful claims against the title to your home covered by the policy, up to the cost of the policy.

Why does the seller need to provide title insurance?

Any purchaser will need evidence that their investment in your property is free of title defects. The title insurance policy that you provide the buyer with a guarantee that you are selling a clear title to your real estate, unencumbered by any legal attachments that might limit or jeopardize ownership. It will reassure your purchaser that they are protected from any risks or losses and could help you close your deal.

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Take a look at examples of how title insurance protects your largest financial investment. For over a century title professionals have worked to ensure that when you buy a property, you have peace of mind that your property is protected.