Title Insurance Protects Your Investment

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Purchasing a home is probably the biggest investment you will ever make. Before you close, you'll want to know that no other individual or entity has a right, claim or lien to the property.

Determining that your rights and interests to the property are clear is the business of a title company.

For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.

The title company searches the property's title history. The title insurance company can almost always identify any title problems and clear up these problems before you close on the property.

Because Real Estate Law is so complicated, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem with the title to your property. Your title insurance owner's policy will describe the property and outline the limitations on your ownership. It will also cover what the title company is responsible for. Title insurance covers the following:

  • Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. In this case, the title company will defend your title at no expense to you.
  • Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Any number of other complicated problems define "Defective title." The title insurance company will uncover these title problems, or should they miss them, protect you from financial loss - up to the amount of the policy.

At Tenby J. Dahman, we answer questions about this process every day. Give us a call at 3038627760.