Well let's start with a basic idea. Fire Insurance protects against losses from fire. Collision insurance guards against the cost of a damaged car. Well you get the idea.......
Title Insurance protects your title to real estate that you are about to buy. Real estate has been considered man's most valuable possession.It is so basic a form of wealth that many laws have been enacted to protect ownership of land and the buildings which stand on the land.
You should know that whenever you buy property that the owner who is selling it to you has strong rights, as do his/her family and heirs. There may be other entities who have some claim to the property as well. Government may have some claim based on Taxes. Contractors can have claims based on tasks performed and not paid for. A title search will uncover unpaid taxes, mortgages, easements etc. which can affect title to real estate.
The Title Insurance Policy that you are given at the day of closing on your property will protect you against any Cloud on the Title. It is assurance that every possible problem related to Title which is found in the public record has been brought to your attention and such defects will be taken care of before you buy. It also is insurance that any undiscovered claim covered by your policy, will be taken care of by the insurance.
CLOUDLESS TITLE ON YOUR PROPERTY!
In other words: Title Insurance protects you agains hidden risks in Title. With it you are covered for Title Problems.
Relax and enjoy. You are protected by Title Insurance.
Comments (2)Subscribe to CommentsComment