Buying a home may be the biggest investment you make in your lifetime. Before you close, you'll want to know that no individual or entity has a right, claim or lien to the property.
A title insurance company ensures that your new property doesn't carry encumbrances and other legal obstacles.
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 company searches the title history of the property. The title insurance company can usually identify any title problems and clear up these problems before you close on the property.
Because Real Estate Law is so complex, 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 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 covers the following:
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