Title insurance in Wichita Kansas and the United States is indemnity insurance against financial loss from defects in property title and liens. Title insurance is principally a product developed and sold in the United States as a result of the comparative deficiency of the US land records laws. It insures the real estate you are buying is actually owned free and clear by the seller.
Title insurance will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.
The first title insurance company, the Law Property Assurance and trust Society, was formed in Pennsylvania in 1853.
The vast majority of title insurance policies are written on homes and land within the U.S. Typically the real property interest insure are fee simple ownership or a mortgage.
However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate. Just as lenders require fire insurance and other types of insurance coverage to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non- institutional lenders, may not require title insurance, but it’s always a good idea to have it, even on cash deals.
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