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Title Insurance Overview

A unique insurance product to protect your investment.

Title insurance is an indemnity contract between an insured owner or lender and a title insurance company. It protects owners and mortgage lenders from financial losses and legal expenses resulting from defects in the title to the covered property.

Unlike other kinds of insurance policies, title insurance is primarily concerned with issues that may have happened in the past (with regard to the title) rather than things that may happen in the future.

When you buy a title insurance policy, title examiners will review your property’s chain of title in order to uncover and eliminate any title issues before your purchase is finalized. Examples of the kinds of claims, or risks, covered by a standard title insurance policy include:

  • Forgery and impersonation
  • Lack of competency, capacity or legal authority of a party
  • Deed not joined in by a necessary party (co-owner, heir, spouse, corporate officer, or business partner)
  • Undisclosed (but recorded) prior mortgage or lien
  • Undisclosed (but recorded) easement or use restriction
  • Erroneous or inadequate legal descriptions
  • Lack of a right of access
  • Deed not properly recorded

 

An extended coverage policy may be requested to protect against additional defects.

If a claim is made against the title to your property, defending against the claim or curing the defect could cost thousands of dollars in attorney’s fees. In extreme cases, like if an undisclosed heir has legitimate claim to the property, you could lose the property. Title insurance covers you for these losses up to the limit of the policy.

Have questions about title insurance or what to expect on closing day? Check out our FAQs and Closing Overview.

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