The 2 types of Title Insurance are called Lender’s Title Insurance or Loan Policy and the other is called Owner’s Policy.

The Loan Policy gives protection to the lender’s security interest in the property by giving them an assurance of the validity of the mortgage. This policy is issued with the amount of outstanding loan and its value decreases as the principal amount are being paid.

On the other hand, Owner’s Policy has the same value of your real estate purchase price. This Policy gives the owner protection of their rights and investment in their newly bought property.

A Title Insurance is vital on a newly-owned real estate as it provides protection to the owner against financial loss brought about any lapses or unseen error in the title, liens, unpaid taxes, fraud, or erroneous public documents. For a one-time premium, the Title insurance will have its effect on the duration based on the insured’s possession of an interest in the property. More importantly, securing a Title Insurance rids you off legal fees that might occur when defending your title against a claim.

A title Agency is crucial in facilitating the ownership of the newly bought estate. The agents conduct thorough and sophisticated research from the history of ownership of the estate to make sure that the property is clear from any mortgages, unpaid taxes, liens, or legal restrictions. An erroneous slipped from any of the lapses mentioned above can result in a delay or worst jeopardized your legal rights over the property.

It is different than when transferring a title for other item, due to the ceaseless nature of land. It can have a number of owners throughout the years and the rights in land can vary. A clear view whether some rights are outstanding is crucial in order to transfer a title free from any deficiencies.

A thorough research on the past ownership is conducted as well as a sophisticated search for public records is done to clear any defects or errors in the title. The search can range from a visit to the office of the register of deeds, clerks of courts and other officials.

Some of the problems that can arise during a title search ranger from: insurance claims, lapses made in the input of Public record, liens which have not been discovered, heirs who are removed from the past and fraud.

Yes. There are some information that might be hidden thus overlooked while on the process of doing a Title search some of this can include incorrect legal description, an error when stating the marital status or any interest who happens to be off-record (someone who is not reported as the owner or a holder of a lien but still has a say in the fate of the property).

Having secured a Title Insurance will give you a worry-free instance shall someone make a claim against your property with its no-cost legal defense which is brought about by the Owner’s policy of insuring legal fees are covered shall a need to defend your title arise.

No, a deed must not be confused as a Title. It is only a document which confirms that the right in the ownership of the real estate has been transferred and unlike Title, deed will not expose any outstanding liens or mortgages of the estate.

We, at Defined Title has always been keen in our sophisticated research process making sure that your most precious investment is protected against any form of claims.