Title Insurance

What is Title Insurance?

When a property is bought or sold, a record of that transaction is filed, publicly. In addition, other records that could affect ownership of the property could also be filed, such as liens.

Purchasing Title insurance is important for both the property owner and the lender. Upon purchasing a property, a title company searches public records to find (and correct, if possible) any type of ownership issues. Once public records have been searched, an underwriter will determine the insurability of the title. Some risks associated with properties are harder to identify, such as an undisclosed heir, filing errors, or forgeries. Because of that, once the title company has finished it’s research, it provides a title insurance policy that will protect you from any undisclosed issues in the future.

When you take out a mortgage loan to purchase your property, your lender will likely require title insurance to protect the lender’s interest in your property until your loan is satisfied or refinanced.

You may also purchase an owner’s policy of title insurance. This insures your rights of ownership of the property for as long as you own said property.