Purchasing a home is probably the 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 lien or claim to the property.
A title insurance company ensures that your new property is free of encumbrances and other legal obstacles.
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 searches the property's title history. The title insurance company can usually identify any title problems that may arise 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 with the title to your property. Your owner's policy will describe the property and outline the 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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