It's important to emphizise the importance of Owner's Title Insurance to either a seller or a buyer we are working with:
1. A deed or mortgage in the chain of title may be a forgery.
2. A deed or mortagge may have been signed by an under-aged, insane or incompetent person.
3. A deed or mortgage may have been made under a power of attorney agreement after its termination or effectiveness, and may therefore be void.
4. The testator of a will might have a child born after the exectution of the will, a fact that would entitle the child to claim his/her share of the property.
5. A deed or mortgage may have been secured by fraud or duress.
6. Title transfered by an heir may be subject to a federal estate tax lien, and an heir or other person persumed dead may appear and recover the property or the interest therein.
7. Title insurance covers attorney's fees and court cost (based on provisions of policy).
8. A deed or mortgage may be voidable because it was signed while the grantor was in bankruptcy.
9. There may be a defect in the recording of a document upon which your title is dependent.
10. Only title insurance protest against claims made by current or divorces spouses that may arise during divorces or confusion of marital status.
Elena Keil
Broker Associate at Coldwell Banker
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