What Is Title Insurance?
A Title is the evidence that a person has
to the Ownership and Possession of
Land. It is possible that someone other
than the Owner has a legal right to the
property. If that right can be established,
this person can claim the Property
outright or make demands on the Owner
as to its use.
Do I need Title Insurance?
Most definitely! Title insurance is a means
of protecting yourself from Financial Loss
in the event that problems develop
regarding the rights to Ownership of your
Property. There may be hidden Title
Defects that even the most careful Title
Search will not reveal. In addition to
protection from Financial Loss, Title
Insurance pays for the cost of defending
against any covered Claim.
How Much Does Title Insurance Cost?
The One-Time Premium is directly related
to the value of your Home. Typically, it is
less expensive than your annual
It is a One-Time only expense paid when
you purchase your Home. Yet it continues
to provide complete coverage for as long
as you or your Heirs own the Property.
For a One-Time Title Insurance Premium, it
is, without doubt, the best protection and
insurance value a Homeowner can buy!
Title insurance is necessary to protect the most important investment you'll
ever make. Your Home. Someone may claim to own the Property, but others
may also claim to have rights in the same Property, and who wants to
purchase a Property that someone else may have rights to?
Even though a thorough Title Search of the Official Public Records will
reveal most claims against the Title, a Title Insurance Policy guarantees that
you as the Policyholder will be protected against any claims or the loss of the
Property. A Title Insurance Policy not only protects you as the Insured
Owner, but also your Heirs.
Most lenders will require a Mortgagee Title Insurance Policy that will be in
effect until their Mortgage is satisfied. An Owner’s Title Insurance Policy,
however, is a One-Time Investment that lasts as long as you hold Title to the
What does Title Insurance Protect against?
Title insurance protects against many hidden risks that cause serious
problems after closing, and at much expense to the Owner; including the
possible loss of the Property itself.
Here are just a few of the risks that cause title defects:
* Unpaid Mortgages, Real Estate Taxes, Maintenance Dues;
* Unpaid Municipal Liens, Code Violations, Open or Expired Building Permits;
* False impersonation of the Owner of the property;
* Forged Deeds, Satisfactions of Mortgage, Releases of Lien;
* Deeds by minors, or persons supposedly single, but actually married;
* Gaps in the chain of title, i.e., missing or erroneous Deeds and legal
* Forged or Misinterpreted Wills;
* Undisclosed Heirs, Beneficiaries; and
* Invalid legal documents.
|INTERNATIONAL LAND & TITLE CORPORATION