Title Insurance = Peace of Mind

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The biggest investment you will make in your lifetime will likely be the purchase of a home. So before you close, you need to know that nobody else has a claim to the property.

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

You pay the title insurance company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.

The title insurance company searches the property's title history. The title company can usually identify any title problems and have these problems cleared-up before you close on the property.

Real Estate law is extraordinarily complex. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your owner's policy will describe the property and outline the limitations on your ownership. It will also set forth the title company's responsibilities should any claim covered by the policy terms arise. Title insurance usually covers:

  • Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. If this happens, the title company will defend the title and will cost you nothing.
  • Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Many other complicated problems define "Defective title." The title insurance policy will protect you from these errors if the title company misses them.

At Channel Mortgage LLC, we answer questions about this process every day. Give us a call: (718) 639-9500.

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