Title Insurance for Your Peace of Mind
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Buying a home will likely be the biggest investment you make in your life. So before you sign on the dotted line, you must be sure that the "title" of the property is clear of any other claims.
Determining that your rights and interests to the property are clear is the business of a title 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 company performs an extensive search on the title history of the property. The title company can almost always identify any title problems and have these problems cleared-up prior to closing.
Real Estate law is extraordinarily complicated. 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 any recorded limitations on your ownership. It will also set forth the title insurance company's responsibilities should any claim covered by the policy terms arise. 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. If this happens, the title company will defend your title at no expense to you.
- Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Any number of other complicated problems define "Defective title" or "Clouded Title." The title company will find these title problems, or if they miss them, insure your loss up to the amount of the policy.
At Lear Financial Group LLC.
, we answer questions about this process every day. Give us a call at 214-869-7339.