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Real Estate is the nation's largest asset. Title problems arise in one out of every four real estate transactions. A home purchase is the biggest investment people will make in their lifetime.
A title search is an examination of records in the county offices. These records cover all recorded documents, judgments, other liens, general taxes, assessments, easements and other matters. This review of these records provides advance notice of potential problems so they can be eliminated whenever possible. However, there can be any number of problems that remain undisclosed even after the most careful search of public records. These hidden 'defects' are sometimes not discovered for months or years after you purchase your home. You could be forced to spend substantial amounts of money for legal defense costs.
Title insurance is an insured statement as to the condition of title or ownership rights to a property.
There are two basic types of policies: Lenders title insurance (loan policy) and Owner's title insurance (Owner's policy). The loan policy insures the amount of the mortgaged debt and protects the lender's interest in property. The owner's policy is issued in the amount of the real estate purchase and protects the owner and his/her heirs forever.
Owner's title insurance protects you against what you don't know. It protects property owners against human errors of lawyers, surveyors and others that may cause the owner financial loss. It also provides legal defense to property owners in all legal acts or proceedings alleging the title to be other than as insured.