When you buy or sell a home, one of the most important aspects of the process is
verifying who actually owns the property. Can you imagine buying a home and, years
later, discovering that someone else claimed rights to ownership? Neither can we.
And that's why we have title insurance.
Title insurance verifies that the property you're buying is, in fact, now
yours and no one else's. It means no governmental agency, individual or corporation
has a lien, claim, right or other encumbrance on the property.
Title insurance isn't like your home or auto insurance – you don't have
to pay an annual premium. It's a one-time cost. A title insurance officer
checks public records and other records to make sure everything is clean with the
ownership of your new property.
If there's any problem, you'll know well ahead of time and typically
these issues are cleaned up before your real estate closing. If there are any issues,
the title company pays the legal fees to represent you and will cover any losses
associated with a valid claim. Your title insurance protection exists as long as
you own the property.