WHAT IS TITLE INSURANCE?
Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances, or defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions
WHAT IS A TITLE SEARCH?
A title search is a description of matters affecting title to a particular piece of property that have occurred within a stated time frame. A title search is sometimes ordered by those having an interest in the history of a title to a certain piece of property. However, it is of limited value because it provides no contractual guarantee of accuracy or statement or assurance concerning the condition of a title.
WHAT DOES IT COVER?
Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery and liens, and other items that are specified in the insurance policy.
WHO PAYS FOR THE TITLE INSURANCE?
The buyer or seller can be tasked with paying for the title insurance policy, depending on the terms of the contract or purchase agreement
WHO NEEDS IT?
Purchasers and lenders need title insurance in order to be insured against various possible title defects. The buyer, seller, and lender all benefit from issuance of title insurance.
HOW LONG IS MY TITLE POLICY IN EFFECT?
The title insurance policy is in effect as long as you hold title to the property. If at any time the property changes hands from one owner to another, a new title policy must be purchased to continue protection.