Protecting Your Home with Title Insurance

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The biggest investment you will make in your life will probably be the purchase of a home. Before you close, you'll want to know that no other individual or entity has a right, lien or claim to the property.

A title company ensures that your new property is free of expensive encumbrances and other legal obstacles.

You pay the title 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 performs an extensive search on the title history of the property. The title insurance company can usually identify any title problems that may arise and have these problems cleared-up 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 selling your property. 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 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 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 problems, or should they miss them, protect you from financial loss - up to the amount of the policy.

Price Mortgage Group LLC can answer questions about title insurance and many others. Call us at 405-513-7700.

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