Title Insurance is a policy that ensures your rights, whether you are the buyer or lender of either residential or commercial property. Title insurance is a type of indemnity insurance that protects against a loss of title or ownership.
There are two kinds of title insurance policies. Both are issued after a thorough search of public records to find any possible flaws to a clear title such as unpaid taxes, unsatisfied liens, undeclared heirs or any other undisclosed problem.
Owner’s Title Insurance Policy
The Owner’s Title Insurance Policy covers the buyer both legally and financially and insures that we resolve any problems found after you buy your home. You will not be liable for any title flaw that has arisen from the property’s history before you purchased it. We will be there to help pay valid claims and cover the costs of defending any attack on your title, now or in the future.
Lender’s Title Insurance Policy
The Lender’s or Loan Title Insurance Policy, is a policy assuring the mortgage lender that their institution will also not be impacted by undisclosed title problems discovered after the title search. This policy covers the lender for the amount of the loan and declines accordingly as the loan is paid off.