What Does Title Insurance Do?
Title Insurance Covers The Insured Against Liability For These Types Of Occurrences: |
- Forgery Or Impersonation
- Lack Of Competency, Capacity Or Legal Authority Of A Party
- Deed Not Joined By A Necessary Party
- Undisclosed Prior Mortgage Or Lien (That Was Recorded)
- Undisclosed (But Recorded) Use Restriction Or Easement
- Inadequate Or Erroneous Legal Description
- Lack Of Access
- Deed Not Properly Recorded
|
|
Types Of Title Insurance: |
- Lender's Policy: covers the lender for up to the amount of the loan
- Owner's Policy: written for your benefit and continues in effect for as long as you have an interest in the property (including should you sell the property giving warranties of title to your buyer.)
|
|
The Title Search: The
Title Search, conducted by your attorney, is the basis for being able to receive a
Title Insurance Policy. The Title Search confirms the Seller's right to transfer the property and checks to ensure that the types of liabilities mentioned above do not exist. The attorney may prepare a condensed history of the
property's previous transfers and transactions (an abstract). He will obtain from a
Title Insurance Company a binder prior to closing with the policy following in 2-3 weeks. |
Title Insurance Is Relatively Inexpensive
Usually $2.00 Per Thousand Of The Purchase Price: A Bargain. |
| Back
To Buyer's Page |
Go To Seller's Page |
