|
Title insurance applies the
principles of insurance to the risks that are present in all real
estate transactions.
Title insurance when
you purchase
An OWNER'S POLICY of title
insurance is a contract that protects you according to the contract
terms, against loss or damage due to title defects.
Title insurance when you Finance or Refinance
When you obtain a mortgage, the property you purchased is pledged as
security for the loan. To protect against risk, the lender requires
assurance that the title to the property is clear, and this is done
through a
LOAN POLICY of title insurance.
So, what does title insurance protect against?
To name a few:
-
Forged deeds,
releases or wills
-
Mistakes in
recording of legal documents
-
Undisclosed
or missing heirs, including spouses
-
Deeds by
persons of unsound mind
-
Deeds by
minors
-
Deeds
executed under invalid or expired power of attorney
-
Liens for
unpaid taxes
-
Fraud
|
