Purchasing a home is likely the single biggest investment you will make in your lifetime. So before you sign on the dotted line, you want to be sure that the "title" of the property is free of any other claims.
A title insurance company ensures that your new home is free of expensive encumbrances and other legal obstacles.
You pay the title insurance 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 insurance company can usually identify any title problems that may arise and clear up these problems before you close on the property.
Real Estate law is extraordinarily complex. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your owner's policy will describe the property and outline any recorded limitations on your ownership. It will also cover what the title insurance company is responsible for. Title insurance covers the following:
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