Title Insurance for Your Peace of Mind

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The biggest investment you will make in your life will likely be purchasing a home. So before you close, you need to know that no one else can claim the property.

A title 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 insurance company performs an extensive search on the property's title history. Through its research, the title 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 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 covers the following:

  • Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. In this case, the title insurance company will defend the title and will cost you nothing.
  • Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Many other complicated problems define "Defective title" or "Clouded Title." The title insurance company will uncover these title problems, or should they miss them, protect you from financial loss - up to the amount of the policy.

Great Mortgage NMLS#478647 can answer questions about title insurance and many others. Call us at 708.966.9005.

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