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What is Title Insurance?
Title Insurance is issued after a careful examination of the
public records. But even the most thorough search cannot
absolutely assure that no title faults or defects are present,
despite the knowledge and experience of professional title
examiners. In addition to matters shown by public records,
other title problems may exist that cannot be disclosed in a title
search. Title Insurance eliminates any risks and losses caused
by faults or defects in title from any events that occurred before
you owned the property.
What is a Lender’s Policy?
A Lender’s Policy, also known as a loan policy or mortgage
policy, protects the lender against loss due to unknown title
defects. It also protects the lender’s interest from certain
matters which may exist, but may not be known at the time of
the transaction. This policy only protects the lender’s interest.
It does not protect the purchaser.
What is a Owner’s Policy?
An Owner’s Policy protects you, the purchaser, against any
loss that may occur from a fault or defect in ownership or
interest you may have in the property. You should protect the
equity in your new home with an Owner’s Title Policy. An
Owner’s Policy provides protection from financial loss due to
demands that may be charged against the title to the property,
up to the cost of the title policy. An Owner’s Policy also
provides payment of legal costs if the title insurer has to defend
your title against a covered claim. Any owner will need
evidence that their investment in the property is free of title
defects.
What are some examples of Title Defects?
Title Insurance is issued after a careful examination of the
public records. But even the most thorough search cannot
absolutely assure that no title faults or defects are present,
despite the knowledge and experience of professional title
examiners. In addition to matters shown by public records,
other title problems may exist that cannot be disclosed in a title
search. Title Insurance eliminates any risks and losses caused
by faults or defects in title from any events that occurred before
you owned the property.
What is a Lender’s Policy?
A Lender’s Policy, also known as a loan policy or mortgage
policy, protects the lender against loss due to unknown title
defects. It also protects the lender’s interest from certain
matters which may exist, but may not be known at the time of
the transaction. This policy only protects the lender’s interest.
It does not protect the purchaser.
What is a Owner’s Policy?
An Owner’s Policy protects you, the purchaser, against any
loss that may occur from a fault or defect in ownership or
interest you may have in the property. You should protect the
equity in your new home with an Owner’s Title Policy. An
Owner’s Policy provides protection from financial loss due to
demands that may be charged against the title to the property,
up to the cost of the title policy. An Owner’s Policy also
provides payment of legal costs if the title insurer has to defend
your title against a covered claim. Any owner will need
evidence that their investment in the property is free of title
defects.
What are some examples of Title Defects?
• Undisclosed Heirs
• Forged deeds, mortgages, wills, releases and other documents
• False impersonation of the true land owner
• Deeds by minors
• Documents executed by a revoked or expired Power of Attorney
• False affidavits of death or heirship
• Probate matters
• Fraud
• Deeds and wills by persons of unsound mind
• Conveyances by undisclosed divorced spouses
• Rights of divorced parties
• Adverse Possession
• Defective acknowledgement due to improper witnesses or notaries
• Mistakes and omissions resulting in improper abstracting
• Errors in tax records
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