WHAT IS TITLE INSURANCE?
- Title insurance coverage protects the owner against losses due to hidden defects in their home ownership;
- Title insurance is important and gives you peace of mind that one of your largest investments is protected;
- It is a one-time fee that will protect your property rights for as long as you own the property.
When you purchase a new home by securing a mortgage, you are required by your lender to purchase lender’s title insurance.
This coverage lasts for the life-time of your loan as stated within the policy, and it insures the lender against covered title defects up to the amount of insurance.
You have the option of purchasing owner’s title insurance, which lasts for your lifetime and
We are agents and issue policies for 3 of the largest nationwide title insurance companies:
- First American Title Insurance Co.
- Old Republic Title Insurance Co.
- Chicago Title Insurance Co.
If ownership of your property is ever challenged, title insurance will defend your possession of the property and assume the legal costs of that defense for as long as you and your heirs own the property – and will pay for your losses, as your title insurance policy provides.
Title insurance is a one-time premium (for lender’s or owner’s coverage) that is paid at the time of closing, based on the total value of your home and the amount of your loan.
10 REASONS TO BUY TITLE INSURANCE
- The Seller is not the true owner of the land (false impersonation)
- Forged documents (deeds, releases of mortgages, etc.)
- Documents executed under fabricated or expired powers of attorney
- Incorrect legal descriptions
- Deeds to or from corporations before incorporation or after dissolution
- Undisclosed heirs (missing heirs, heirs born after the date of a will, etc.)
- Errors in Probate (misinterpretation of a Will, deed or other document)
- Defective deeds (by persons of unsound mind/minors/under duress)
- A failure to properly waive homestead rights
- Mistakes in recording legal documents