Purchasing a home is likely the biggest investment you will make in your lifetime. So before you close, you need to be sure that that no one else can claim the property.
A title insurance company ensures that your new property won't surprise you with 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 company searches the title history of the property. Through its research, the title insurance company can usually find 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 with the title to 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. Typically your title insurance will protect you in the following cases:
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