title insurance: The Importance of Title Insurance
- 07/26/12 03:37 AM
I am a little confused about title insurance. Why should I buy title insurance if there has only been one previous owner? Further, doesn’t the settlement attorney check the title to the property? Title insurance protects real estate purchasers and/or lenders from losses that arise after a real estate settlement, but result from unknown liens, encumbrances or other defects upon the title that existed prior to settlement. Examples of title defects include outstanding property taxes not paid by a previous owner, fraud or forgery of a prior deed or transfer, or a spouse or unknown heir who steps forward to make a claim against the title. If … (1 comments)
I am a little confused about title insurance. Why should I buy title insurance if there has only been one previous owner? Further, doesn’t the settlement attorney check the title to the property?
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