| Title Insurance protects you and your lender should
there be a challenge to the quality of the title to your property
because of title defects that were unknown to you at the time that
you bought the Title Insurance policy. Most lending institutions
will not loan money to purchase a home or commercial property of
vacant land unless there is a mortgagee Title Insurance policy,
issued be a Company of substance, licensed, bonded and in good
standing, in your state. This policy protects the lender's investment by satisfying (paying
off) the mortgage (loan amount) if a defect in the title voids your
clear title. When you buy a house, the Title Insurance company also
issues an owner's policy at the time of closing, unless you reject
it in writing. The owner's Title Policy protects against the covered
as risks set out in the policy.
Read your Title Insurance policy carefully. We recommend that you
have a qualified attorney check the title policy's legal description
of the subject land against a survey and your purchase contract
before the closing. Your title policy will tell you how to file a
claim and it describes your coverage, including limitations,
exclusions, exceptions, and special conditions.
Having a Title Insurance policy takes much of the legal risk out of
buying real estate. Usually the seller pays the premium fee for
Title Insurance coverage but sometimes it is paid by both parties or the buyer
alone.
Here are a few examples of the types of claims covered by Title
Insurance:
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Invalidity of a deed or other
important document in your chain of prior
titles because of forgery, fraud against the rightful owner,
involuntary signature, a signature of someone legally incompetent
to sign or signature to pass title that may have been signed by an imposter. |
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Liens against your title because of a previous owner's failure
to satisfy a valid tax claim, judgment or special assessment. |
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Boundary disputes and encroachments on your land, if the
disputed portion is not shown on a valid and correct survey. |
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Errors in executing, recording or delivering a proper original
deed. |
A Title Insurance policy does not cover every problem that might
place a cloud over the title to your property. A Title Insurance
policy pays for problems that somebody else may have caused in the
past and not those caused by you. For example, a policy will not pay
for an unrecorded title defect know about or allowed to occur, by
you. Real Estate Title Insurance also will not pay for financial
loss that is not directly related to your ownership or to your
lender's ownership interest in the property. A title policy, for
example, will not pay for problems arising from violations of
environmental or building codes, deed restrictions or zoning
ordinances.
PROTitle.com will offer quality real estate Title Insurance
protection. |
