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Title Insurance
Escrow Closing
Underwriters
Maximize Your
Home Selling
Potential
FAQ
Glossary
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Title
Insurance
Any
real estate purchase is not an actual purchase of
land and home but an acquisition of a title to it.
This title may be limited by existing liens on the
property, easements that had been granted, or other
rights and claims reserved by others. In contrast to
other kinds of insurance focusing on possible events
occurring in the future and charging an annual
premium, title insurance focuses on past events, i.e.
risk and defects that already exist in the title to
the land you are about to purchase, and there is only
a one-time premium to be paid for title insurance
coverage.
There are two
different kinds of title insurance:
Owners and
purchasers
Lenders or
mortgagees
The owner's title
insurance lasts as long as owner or heirs of
the property have any interest in it, even
after the property is sold.
The lender's title
insurance serves as a security of the
lender's investment in the property, similar
to the lender demanding car insurance for
their car loan.
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Why Title
Insurance?
There
are few things in life more important than protecting
your home. The following matters are examples of why
you need a title insurance policy. Remember that the
best title examination or search cannot protect your
equity and home from matters not appearing in the
public records. However, a title policy (subject to
certain limitations set forth in the policy) can
protect you from:
- Documents
executed under false, revoked or expired
powers of attorney.
- False
impersonation of the true landowner.
- Undisclosed
heirs.
- Prescriptive
rights in another not appearing of record and
not disclosed by survey.
- Improperly
recorded legal documents.
- Forged
deeds, mortgages, wills, releases of
mortgages and other instruments.
- Deeds
which appear absolute, but which are held to
be equitable mortgages.
- Conveyances
by undisclosed divorced spouses.
- Failure
to include necessary parties to certain
judicial proceedings.
- Defective
acknowledgements due to improper or expired
notarization.
- Gaps in
the chain of title.
- Deeds by
minors.
- Deeds and
wills by persons lacking legal capacity.
- State
inheritance and gift tax liens.
- Errors in
tax records.
- Administration
of estates and probate of wills of missing
persons who are presumed deceased.
- Deeds and
mortgages by foreigners who may lack legal
capacity to hold title.
- Issues
involving improper marital status.
- Improper
modification of documents.
- Rights of
divorced parties.
- Conveyances
in violation of public policy.
- Forfeitures
of real property due to criminal acts.
- Interests
arising by deeds of fictitious parties.
- Adverse
possession.
- False
affidavits of death or heirship.
- Federal
estate and gift tax liens.
- Special
tax assessments.
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