Title Insurance

When purchasing real estate, it's crucial to ensure that there are no problems with the property's title and that the seller is the rightful owner. A flawed title can result in complications and interfere with your property rights in the future.

Settlement services and title insurance aren’t only important when you purchase a home, it’s also a major part of refinancing. If you're considering refinancing your home, you may be wondering if it's worth using a settlement company for your refinance closing. A settlement company is a valuable resource to help streamline the closing process and ensure that everything goes smoothly. 

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What is title insurance?

Title Insurance protects against the risks involved in every real estate transaction. It is an insurance policy that protects the insured against loss, should the condition of the land be other than as insured.

Unlike other types of insurance that offer protection against future possible occurrences, Title Insurance offers protection against past occurrences which could result in a claim at a future date.

Title Insurances provides the insured with "peace of mind" in knowing that you are receiving a good and marketable title to the real estate you are purchasing.

Why do I need title insurance?

Title insurance is a type of insurance that protects homeowners and mortgage lenders against financial losses resulting from defects in the title of a property. Here are some specific things that title insurance does for homeowners:

  1. Protects against title defects: Title insurance can protect homeowners from defects in the title of their property, such as a fraudulent deed, a lien or encumbrance on the property, or an error in the legal description of the property. If a title defect is discovered, the title insurance company will work to fix the issue or compensate the homeowner for any losses incurred.
  2. Provides peace of mind: By purchasing title insurance, homeowners can have peace of mind knowing that you are protected against potential financial losses resulting from title defects. This can be especially important for homeowners who are making a significant investment in their property.
  3. Covers legal expenses: If a title issue arises, title insurance can cover legal expenses incurred by the homeowner to resolve the issue. This can include the cost of hiring an attorney or going to court to resolve a title dispute.
  4. Facilitates the homebuying process: Title insurance is typically required by mortgage lenders in order to close a real estate transaction. By providing protection against title defects, title insurance can help facilitate the homebuying process and make it easier for homeowners to secure a mortgage.

Overall, title insurance provides valuable protection and peace of mind by ensuring that you are protected against potential financial losses resulting from title defects.

What is an owner's title policy?

An Owner's Policy provides assurance that your title company will stand behind you --monetarily and with legal defense if needed -- if a covered title problem arises after you buy your home. The bottom line is that your title company will be there to help pay valid claims and cover the costs of defending an attack on your title.

Sometimes title problems occur that could not be found in the public records or are inadvertently missed in the title search process. To help protect you in these events, it is recommended that you obtain an Owner's Policy of Title Insurance to insure you against most unforeseen problems. It is a one-time fee, paid at closing, and protects you for as long as you or your heirs have an interest in the property.

What is a loan policy?

Lender's Title Insurance, also called a Loan Policy, is usually required by most lenders when they issue you a loan. The Loan Policy is based on the dollar amount of your loan. It only protects the Lender's interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off.