The biggest investment you will make in your life will likely be the purchase of a home. Before closing on the house, you'll want to know that no other individual or entity has a right, lien or claim to the property.
Determining that your rights and interests to the property are clear is the business of a title insurance company.
You pay the title insurance company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.
The title insurance company performs an extensive search on the title history of the property. The title company can usually find any title problems that may arise and clear up these problems before you close on the property.
Because Real Estate Law is so complicated, 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 selling 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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