HOW TO PROTECT YOUR VALUABLE INVESTMENT
What is Title Insurance?
Title Insurance is the only guaranteed protection against
real estate title losses - it insures your ownership of your home.
Your lending institution will require Lender's Title Insurance, but
that only protects their interest. It insures the lender for the
original amount of the loan against invalidity of the mortgage which secures
the loan.The Owner's Title Insurance Policy Protects you. It informs
you of any other interests in the property, such as liens and encumbrances, and
protects you against unknown claims of ownership to or interests in your
property. Most people have fire, car, and life insurance. You pay
premiums every year to continue your protection. When you purchase an
Owner's Title Insurance Policy, you pay your premium only once for coverage
that will protect your initial investment for as long as you own your home.
How does it protect you? Title Insurance protects you from hidden risks not revealed by the attorney's or abstractor's search of the public records. Common examples of hidden risks include:
Could it happen to you? Suppose you purchase your dream house, a split level ranch with a swimming pool, and when you arrive with your moving van, you find someone else in the house claiming ownership. What would you do? Or, suppose you are awakened early one morning by a construction crew preparing to bulldoze your entire front yard for a railroad track to be built on an easement claimed to pass through your yard? What happens now? What if you receive a notice of past due property taxes which must be paid within a few days or the property will be put up for sale? Owner's Title Insurance is designed to prevent these problems from ever happening, and give you a source of protection if something unforeseen does occur.
How does it protect you? Title Insurance protects you from hidden risks not revealed by the attorney's or abstractor's search of the public records. Common examples of hidden risks include:
- Forgery and Fraud
- Missed taxes
- Undisclosed or missing heirs
- Incorrect legal descriptions
- Conveyance by a minor
- Incorrect indexing at the courthouse
- Mental incompetence of grantors
- Missed easements
Could it happen to you? Suppose you purchase your dream house, a split level ranch with a swimming pool, and when you arrive with your moving van, you find someone else in the house claiming ownership. What would you do? Or, suppose you are awakened early one morning by a construction crew preparing to bulldoze your entire front yard for a railroad track to be built on an easement claimed to pass through your yard? What happens now? What if you receive a notice of past due property taxes which must be paid within a few days or the property will be put up for sale? Owner's Title Insurance is designed to prevent these problems from ever happening, and give you a source of protection if something unforeseen does occur.