TITLE INSURANCE

Why Title Insurance?

The purchaser of real estate, whether it be a 50-story office building or a single-family residence, inevitably runs the risk of serious financial loss in connection with the title to the property purchased.  Not only is there a risk that the seller lacks title to the property because of a problem in the chain of the title, but because of the myriad rights, claims, interests and encumbrances that our law recognizes in real property, there is always the risk that the seller does not own all of the interest in the property he or she is purporting to convey.  Because of these risks, it's essential for the buyer to have a title search and examination performed before the purchase is consummated in order to identify precisely the nature of the title the seller can legally convey and the rights and interests of all other parties in the particular piece of property.

Owner's title insurance eliminates all of these risks.  For a single, on-time premium that is of modest amount in relationship to the value of the property, a buyer can receive the protection of a title insurance policy, a policy that is backed by the reserves and solvency of a company with unlimited life.  A title insurance policy, will cover claims arising out the title problems that could have been discovered in the public records and those so-called non-record defects that could not be discovered in the record with the most meticulous search of the public records.  The following are some of the risks which Owner's Title Insurance would protect against.

• Forgery
• False personation by those purporting to be owners
• incorrect presentation of marital status of grantors
• undisclosed or missing heirs
• Conveyance by a minor
• Inadequate or incorrect surveys
• Incorrect legal descriptions
• Unsatisfied claims not shown of record
• Dower or Curtesy Rights of ex-spouse of former owners
• Incorrect Indexing
• Deeds executed under an expired power of attorney
• Mistakes in interpretation of wills

A Title insurance policy will not only protect the insured owner for as long as he or she has an interest in the property, but it will also protect his or her heirs or devisees for as long as they hold title to the property.  Moreover, the title insurance company will not only satisfy any valid claims made against the insured's title, but it will pay for the cost and legal expenses of defending against a title claim.