Description
Your essential protection against hidden defects and financial loss in your property ownership. A title insurance policy is a one-time purchase indemnity insurance that protects property owners and lenders against financial loss from defects in the title to real estate, such as liens, encroachments, or forgeries, that may have existed prior to your purchase.
Key Features:
– Defends Against the Past: Unlike other forms of insurance that protect against future events, title insurance protects you from issues that arose in the past, before you took ownership.
– One-Time Premium: You pay a single premium at the time of closing, and the policy provides coverage for as long as you or your heirs own the property.
– Two Types of Policies: There are separate policies: an Owner’s Policy (protecting the buyer’s equity) and a Lender’s Policy (protecting the lender’s financial interest).
– Covers Legal Defense: If a covered claim is made against your property, the title insurance company will defend you in court and cover any financial losses up to the policy amount.
Ideal For:
– Homebuyers: The standard protection included in nearly every real estate closing to safeguard your largest investment.
– Lenders: A mandatory requirement for any mortgage to protect their collateral (the property) from title defects.
– Refinancing: A new lender’s policy is typically required when you refinance to protect the new lender’s interest.
– Peace of Mind: Providing the assurance that your ownership rights are secure and that you are protected from undiscovered claims or errors in public records.
