Title insurance is a form of indemnity insurance which protects your property rights. It insures against financial loss from defects in title or from the invalidity or unenforceability of mortgage loans or past ownership.
As your Title Company, we will research the history of the piece of real estate you’re intending to purchase before you buy it and work to eliminate any title defects prior to your ownership. Potential defects could include, but are not limited to, past mortgages, mechanics liens, court judgments, or inaccurate transfer of past ownership.
There are two types of policies – owners and lenders. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance (a loan policy) to protect their interest in the collateral of loans secured by real estate. Buyers purchasing properties for cash or with a mortgage lender often want title insurance (an owner policy) as well. A loan policy provides no coverage or benefit for the buyer/owner and so the decision to purchase an owner policy is independent of the lender’s decision to require a loan policy.
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