Vincent, What Is Title Insurance?
Title insurance is protection against loss resulting from problems associated with the title to your property.
Before you purchased your home, chances are, it may have gone through several owners, and the land on which it stands went through many more. There may be a fragile link at any point in that chain that could surface to cause trouble. For instance, someone down the line may have forged a signature in transferring title. Or there may be outstanding real estate taxes or other liens. Title Insurance is an insurance policy to guarantee your ownership against claims, liens or judgments that might arise after your purchase or loan has been completed. Title insurance covers the insured party for any demands and legal fees that arise out of such harms.
Your title insurance provider will investigate and certify ownership of real estate before it is purchased, sold or refinanced. They'll search state and municipal public records for the property and persons in the business deal. They'll give notice to you and your attorney or lender of any claims that may challenge your ownership or the new loan on the property. If an issue one way or another did not emerge during their investigation, your policy insures that they take responsibility.
It's a significant part of your closing costs.
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