The biggest investment you will make in your life will likely be purchasing a home. So before you sign on the dotted line, you want to be sure that the "title" of the property is clear of any other claims.
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 insurance company performs an extensive search on the title history of the property. Through its research, the title insurance company can almost always identify any title problems and clear up these problems prior to closing.
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 owner's policy will describe the property and outline the 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:
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