Buying a home may be the biggest investment you make in your lifetime. Before closing on the house, you'll want to know that no other individual or entity has a lien or claim to the property.
A title insurance company ensures that your new property won't surprise you with encumbrances and other legal obstacles.
For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.
The title company performs an extensive search on the title history of the property. Through its research, the title insurance company can usually find any title problems and have these problems cleared-up prior to closing.
Real Estate law is extraordinarily complicated. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your title insurance owner's policy will describe the property and outline any recorded limitations on your ownership. It will also cover what the title company is responsible for. Title insurance usually covers:
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