Purchasing a home is probably the single largest investment you will make in your lifetime. Before closing on the house, you'll want to know that no 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 company.
You pay the title 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 company performs an extensive search on the property's title history. The title insurance company can usually identify any title problems that may arise and clear up these problems prior to closing.
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 owner's policy will describe the property and outline the limitations on your ownership. It will also set forth the title company's responsibilities should any claim covered by the policy terms arise. Typically your title insurance will protect you in the following cases:
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