What is title insurance and why should I get it?



When you purchase property, you receive what’s called a deed to the property. When you receive the deed, it should be recorded in the public records of the county that the property is located in. Recording your deed, however, does not guarantee or insure that you are the sole owner of the property. For instance, there may be a mortgage on the property that has not been recorded on public records and thus a bank that you have no knowledge of may have an interest in your property. What do you do? What should you have done?

You should have purchased title insurance with your closing. Title insurance is a type of insurance that insures and protects against financial loss due to defects in title to real property. An individual, typically the Buyer in a transaction, needs title insurance to protect against all of the known and unknown people who may have a valid or invalid interest in their soon to be property. There is a vast array of possible defects that title insurance can protect against. Some defects being deed defects, defects in the chain of title, liens on the property, outstanding and unrecorded mortgages, encroachments, and hundreds of others. Title insurance will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred up to the dollar amount of insurance provided by the policy.

If you have further questions about title insurance, check out our site’s FAQ page for more information at http://www.timesharetitlepro.com, email us at closings@timesharetitlepro.com, or give us a call at (904) 342-2370 and we will be happy to explain how title insurance further.

By Stephen Difato


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