In short, Title Insurance guarantees the title of your Real Estate.
Unlike other types of insurance, which cover future events, title insurance protects you and your lender from any issues in the past that may affect the title to your property.
When you buy title insurance, a search is done, going back 60-100 years, of courthouse records. This search is done to find and remedy various types of ownership issues. These issues may include judgements, liens, unpaid taxes, unpaid mortgages and countless other potential concerns. After the search is completed, the underwriter will determine the insurability of the title.
Not all issues are easy to identify though. In instances of filing errors, forgeries, or undisclosed heirs, the insurance policy is issued to protect you and your lender from issues that may show up later!
If you’ve taken out a mortgage for your property, your lender will require a loan policy of Title Insurance. This protects their interest until your loan is paid off or refinanced.
The owner’s policy insures your ownership rights. You only pay for this policy one time at closing and it protects you for the duration of your ownership or until you decide to refinance.
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