Purchasing a home is likely the single largest investment you will ever make. So before you sign on the dotted line, you must be sure that the property's title is free of any other claims.
A title insurance company ensures that your new home is free of 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 company searches the title history of the property. Through its research, the title insurance company can usually identify any title problems and have these problems cleared-up prior to closing.
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 any recorded limitations on your ownership. It will also cover what the title insurance company is responsible for. Title insurance covers the following:
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