The biggest investment you will make in your lifetime will likely be purchasing a home. So before you close, you need to be sure that that no one else can claim the property.
A title company ensures that your new property doesn't carry expensive encumbrances and other legal obstacles.
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 performs an extensive search on the property's title history. Through its research, the title company can usually identify any title problems and clear up these problems prior to closing.
Because Real Estate Law is so complex, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem with the title to your property. Your title insurance owner's policy will describe the property and outline the limitations on your ownership. It will also set forth the title insurance company's responsibilities should any claim covered by the policy terms arise. Title insurance covers the following:
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