|
Property can be purchased, invested in, sold and traded in a variety of ways, to fill any number of personal or business needs. However, the shift in property or land ownership requires a formal change of title (deed). Title Insurance insures against loss sustained by any insured party due to the condition of title being other than as insured. A title insurance policy protects the named insured against title defects, liens and encumbrances existing as of the date of the policy and not excepted from coverage. The purpose of Title Insurance to help ensure that your home ownership is safe by protecting you from losses as a result of claims on your home's ownership. These claims include fraud, improper court proceedings, missing heirs, the incompetence of previous seller(s), recording mistakes, title defects and unfilled liens. Title insurance plays a dominant role in making certain home ownership is safe and protected from these potential threats. The Title Insurance Company safeguards the homeowner against loss due to any defect in title liens and encumbrances, such as those mentioned above existing as of the date of the policy and not excepted from coverage. Should a discrepancy arise, it is the Title Insurance Company's obligation to provide legal support to the homeowner. For a one-time premium, the policy remains in effect until the property is sold or refinanced. Title insurance insures against loss sustained by any insured party due to the condition of title being other than as insured. A title insurance policy protects the named insured against title defects, liens and encumbrances existing as of the date of the policy and not excepted from coverage. A title company is a neutral third party that performs the following functions in relation to the closing of a real estate transaction:
|
