Title Insurance Guide
Fast And Accurate Closings
When you acquire title, title insurance protects you from defects, liens or encumbrances on your title, under the terms of the policy. To understand why title protection is essential, we need to consider real estate for a moment.
Your Ownership of Real Estate.
Real estate has always been considered one’s most valuable possession. It is so basic a form of wealth that many special laws have been enacted to protect ownership of land and the buildings which stand on the land. You should realize whenever you buy property that the owner who is selling it to you has extremely strong rights, as do his family and heirs. Also, there may be others, in addition to the owner, who have “rights” in the property you are going to buy; perhaps governmental bodies, or contractors, for example. Some of the things a title search uncovers are any unpaid taxes or mortgages.judgments against previous owners, easements, and many other court actions or recorded documents which can affect title to real estate.
Protecting You Against Hidden Risks.
Protection against loss from certain claims on real estate which cannot be discovered by examination of the public records, relating to land, is the second part of the twofold benefit which First American Title Insurance provides. For example, the title to the home which you have paid for- and to which you have received a deed – could be threatened or lost by such circumstances as a forgery, or error in recorded documents. These contingencies will be covered in your policy of title insurance, under its terms.
How Does a Title Insurance Policy Protect Against These Dangers?
If a claim is made against your title as covered by your_ policy, First Amerjcan Title protects you by:
- Defending your title, in court if necessary, at our expense, as to covered matters.
- Bearing the cost of settling the claim if it proves valid, in order to protect your title.
Summarizing – What Title Insurance Means This to You:
It is insurance that, if any undisclosed claim covered by your policy arises out of the past to threaten your ownership of real estate, it will be disposed of, or you will be reimbursed, exactly as your title insurance policy provides.
And You Pay Only Once.
Unlike other forms of insurance, the original premium is your only cost as long as you own the property. There are no annual payments to keep your Owners Title Insurance Policy in force.
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Understanding Title Insurance
What is TITLE INSURANCE?
Title insurance provides coverage for certain losses due to defects in the title that occurred prior to your ownership. The seller can give only those rights that previously have been received with “good title.” Title insurance protects against defects such as prior fraud or forgery that might go undetected until after closing and possibly jeopardize your ownership and investment.
Is title insurance needed?
Title insurance assures the new buyers that they are acquiring marketable title from the seller. It is designed to eliminate risk or loss caused by defects in title from the past. Title insurance protects the interest of the mortgage lender as well as the equity of the buyer for as long as they or their heirs have any interest in the property.
When is the premium date?
It is a one-time premium which is paid at the close of escrow. The terms of the real estate contract specify who will pay for the Owner’s Policy. If there is a new loan, the buyer pays for the Lender’s Policy. The policy has a perpetual term and provides coverage for as long as you are in a position to suffer a loss.
- Deeds by persons supposedly single, but secretly married
- Deeds delivered after death of grantor/grantee, without consent of grantor
- Deeds in lieu of foreclosure given under duress
- Marital rights of spouse purportedly, but not legally, divorced
- Impersonation of the true owner of the land
- Deeds by minors
- Deeds by persons of unsound mind
- Deeds to or from defunct corporations
- Defective acknowledgments by notaries
- Discovery of will of apparent intestate
- Duress in execution of instruments
- Erroneous reports furnished by tax officials
- Forged deeds, releases, etc.
- Misrepresentation of will
- Mistakes in recording legal documents
- Surviving children omitted from will
- Administration of estate of persons absent but not deceased
- Birth or adoption of children after date of will
- Claims of creditors against property sold by heirs or devisees
- Deed of community property recited to be separate property
- Deeds by foreign parties
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