When purchasing a home or other real estate, you actually don’t receive the land itself. What you acquire is title to the property with the potential limits asserted by the rights and claims of other prior owners. Paying your money and receiving a deed does not assure you of “good” title. Title insurance plays a major role in making certain that your home ownership is free and clear of any rights or claims of prior owners.
Problems with title can limit your use and enjoyment of real estate, as well as bring financial loss. Title insurance protects you and your mortgage lender from potential risks associated with defects in title.