Title Insurance Protects Your Biggest Investment
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Purchasing a home is likely the largest investment you will make in your lifetime. So before you sign on the dotted line, you want to be sure that the property's title is clear of other claims.
A title company does all the research to insure that a property has clear title. Making sure that a property is clear of all legal encumbrances is the job of a title company.
For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.
The title insurance company searches the title history of the property. Through its research, the title insurance company can almost always find any title problems and have these problems cleared-up before you close on the property.
Real Estate law is extraordinarily complex. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your title insurance owner's policy will describe the property and outline any recorded limitations on your ownership. It will also set forth the title company's responsibilities should any claim covered by the policy terms arise. Title insurance covers the following:
- Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. If this happens, the title company will defend your title at no expense to you.
- Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Many other complicated problems define "Defective title" or "Clouded Title." The title insurance company will find these problems, or if they miss them, insure your loss up to the amount of the policy.
Real Property Finance can answer questions about title insurance and many others. Give us a call: 310-379-5997.
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