Title insurance will protect the most valuable purchase of
your life, including your home, or other real property. For a one
time premium, title insurance protects hidden defects in
title and the possibility of undisclosed interests of others
in your property. Title insurance covers the ownership of
your property for as long as you or your heirs own the
property or have obligations under a warranty deed when the
property is sold. These laws have been enacted to protect
one's ownership of real estate and the improvements located
on the land. The owner, the owner's family, and the owner's
heirs have extremely strong rights or claims in and to the
property that you are buying. Those who may have an interest
in or lien upon the property could be governmental bodies,
contractors, lenders, judgment creditors, the Internal
Revenue Service, or various other individuals or
corporations. The real estate may be sold to you without the
knowledge of the party having a right or claim in and to the
property. In addition, you may purchase the real estate
without having any knowledge of these rights or claims. In
either event, these rights or claims remain attached to the
title to the property that you are buying until they are
extinguished.
What Title Insurance Protects Against
- Forged
instruments
- False
impersonation of the true owner of the property
- Claims of
unknown or missing heirs
- Taxes and
municipal liens
- Documents signed
by only one spouse
- Liens for estate
and inheritance taxes
- Clerical errors
- Incorrect legal
description
- Lack of or
improper signatures, witnesses or notaries
- Liens of
contractors
-
Misinterpretation or failure to find title defects by
the examiner
- Fraud
Will You Get Clear Title?
It is of utmost importance that you receive clear title to
the property when you purchase real estate. In order to do
so, you must first be informed of any existing rights or
claims that may, in the future, threaten your title and
possession to the property. Title insurance provides you
with this twofold protection.
Lender's Title Insurance Does Not Protect the Buyer
The loan policy protects only the interest of the lender. It
does not protect the buyer/borrower. An owner's title
insurance policy can be purchased at the same time as the
lenders policy for a small fee when the property is
purchased.
Additional Survey Coverage
A survey determines the correctness of the legal
description, street address, that the improvements are
within the property lines, and that there are no errors in
the public records.
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