What is Title Insurance?

As a refresher, a title search is completed to show that each previous owner properly conveyed the property, free of encumbrances to the next owner. When the title search is completed it is typically reviewed by an attorney to make sure everything looks in order and there were no accidental oversights.

In a perfect world, you would have nothing to worry about, meaning no one could come along and challenge your ownership to the property. Unfortunately we don’t live in a perfect world. Records are not perfect and sometimes surprises crop up that weren’t picked up in the title search. This is where title insurance comes into play.

Title insurance companies issue insurance based upon the chain of title to the property when it is transferred. It is to protect the owner and the lender’s financial interest in real property against loss due to title defects, liens or other matters. Lenders require it. Owners title insurance is technically optional. That said, errors can happen in a title search and an owner’s rights to the property can be attacked in the form of a lawsuit. Title insurance pays for such a lawsuit. It’s a one time premium paid at settlement that gives piece of mind.

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