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What is title insurance?

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βˆ™ 2008-01-05 06:01:07

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Title insurance is insurance against loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. It is available in many countries but it is principally a product developed and sold in the United States. It is meant to protect an owner's or lender's financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance.

A buyer should insist upon title insurance, even with a warranty deed, because it will help avoid having to pay to quiet title or obtain a refund from the seller when it turns out they never actually owned the property rights described in the deed.

An owner's title policy is a one-time expense and effective for the entire period that the buyer owns the property.

2008-01-05 06:01:07
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Related Questions

What is a title insurance producer?

Generally speaking, a title insurance producer is the same as a title insurance agent.


Who are the largest Title Insurance companies in the US?

First American Title Insurance Company Fidelity National Financial Stewart Title Insurance Guaranty Old Republic Title Insurance Company North American Title Insurance Company Chicago Title Insurance Company


Do title insurance companies employ title examiners?

Title examiners are typically employed by title insurance companies


What does the term title insurance mean?

The term title insurance means insurance that covers the loss of an interest in a property due to legal defects and that is required if the property is under mortgage. Most title insurance is lender's title insurance.


Does homeowners insurance cover the lenders title insurance?

No it does not. Lenders Title insurance is a whole other form of coverage


Where can you get title insurance quotes?

You can get title insurance quotes from by doing a search on google or other search engines for title insurance and visiting one of the websites that offer title insurance quotes. There are some companies that will give you multiple title insurance quotes from more than one company by filling out just one form, and there are other companies that offer you one quote from their company. It is a good idea to shop around for title insurance companies and this is a great way to find and compare title companies and title insurance costs.


Why do title insurance company's ask if a new title insurance request ask if it is a refinance?

Title insurance rates vary depending on if the transaction is a purchase or a refinance


How much does Title Insurance cost in Ohio?

who pays title insurance when selling a home


Where could one find a title insurance calculator?

One could find a title insurance calculator in many different places. Some of the places in which one can find a title insurance calculator is from an insurance place like Republic Title.


Can title insurance be purchased after the closing?

If title insurance is not purchased at closing, then it can be purchased later. Generally a title insurance policy can be issued within 14 days of the closing.


Who is the largest title insurance company in the US?

As of 2011 the largest title insurance company by premium volume in the United States is First American Title Insurance Company.


How do you get a title search done?

All of the title insurance underwriter as well as many many title agencies have websites that can direct you to a local agency in your state/county/community. Simply keyword into your web browser: title insurance search, title insurance, or title insurance companies. Many title insurance underwriters and agencies will pop up. A title search or Report on Title is a search and compilation of filed public records. A title insurance POLICY insures against acts & deeds of previous owners up until the time you take title/deed to the property.


Can you buy title insurance?

Title insurance is a specialized type of insurance that is not generally sold by insurance agents. It is usually provided by an attorney and underwritten by a title insurance company who specializes in this type of insurance. The title insurance company relies on statements and work done by the attorney when he does the title search and he has some liability for his work. You can't just decide that you want a title insurance policy anytime. It is usually done when you purchase a piece of property. I suppose that if you wanted to pay for a new title search you may be able to buy a policy at a time other than at closing.


Does house title insurance transfer?

No. Each owner must purchase their own title insurance.


Is title insurance transferred in a conveyance of real property?

No. Title insurance only covers the person who purchased the policy. You would need to purchase your own title insurance policy.


Where do you get title insurance?

You obtain title insurance from a licensed title insurance agent; I would not purchase it from a captive agent (that is, from the lender providing my loan, or from the realtor listing/selling the house).


Where can you get title insurance quotes for your specific state?

You can get title insurance quotes from by doing a search on google or other search engines for title insurance followed by the name or initials of your specific state (ex: title insurance florida), and visiting one of the websites that offer title insurance quotes. There are some companies that will give you multiple title insurance quotes from more than one company by filling out just one form, and there are other companies that offer you one quote from their company. It is a good idea to shop around for title insurance companies and this is a great way to find and compare title companies and title insurance costs. Your state insurance department is your best resource for insurance-related questions and concerns. Find information on insurance companies and agents, rate quotes and comparisons, insurance buying tips, claims filing information and much more.


What insurance company will give insurance on a salvage title?

Freeway insurance


Where can one learn about title insurance?

You can learn about Title Insurance through your bank, if you are taking a loan out for a mortgage on your house, then you will need to make sure you have Title Insurance. You can also learn about whether you need it or want it through Title Insurance agencies that offer information about this specifically.


Does Florida law require title insurance to transfer a property title?

No, Florida law does not require that title insurance be issued. The only requirement to transferring title, is that a proper deed be recorded. However, having said that, if you are buying a property from someone, title insurance is greatly recommended. Title Insurance is the only thing that protects you in the event you receive a fraudulent title, or you later find out that there are undisclosed liens or encumbrances against the title. I would never buy any property without the protection of a title insurance policy. If, on the other hand, your parents are transferring to you their property, and you already know the history of the title, title insurance would not be needed.


What is title insurance and do you need it when refinancing your home?

Title insurance is usually required by the lender to protect the lender against loss resulting from claims by others against your new home. In some states, attorneys offer title insurance as part of their services in examining title and providing a title opinion. The attorney's fee may include the title insurance premium. In other states, a title insurance company or title agent directly provides the title insurance. A Lender's Title Insurance policy is usually required when you are refinancing. If you have an Owner's Title policy already (you probably received it with your recorded deed) and can provide the title agent with a copy of it, you can very often get a reissue credit that will greatly reduce the amount of money this lenders title insurance policy will cost you. To save money on title insurance, compare rates among various title insurance companies. Ask what services and limitations on coverage are provided under each policy. In many states, title insurance premium rates are established by the state and may not be negotiable. Even if the premium rates are not negotiable, many of the title-related fees can vary from company to company and should be compared as well.


What has the author Kathleen M Mitchell written?

Kathleen M. Mitchell has written: 'Title insurance' 'Residential and commercial title insurance' -- subject(s): Law and legislation, Title insurance


How do you start a title insurance company in Arkansas?

If you are starting a title insurance COMPANY, the actual entity that is an insurance carrier (think 1st American, Chicago, etc.), you will need to contact the Arkansas Department of Insurance as to what their guidelines, reserves, etc. are for becoming a carrier in the state of Arkansas. If you are starting a title insurance AGENCY, the local entity that has a agency agreement with a title insurance COMPANY to sell their insurance products. Please note that a title AGENCY is not the same as a title COMPANY or title UNDERWRITING COMPANY. See the Related Links for more information.


Is the buyer or seller responsible for title insurance in Texas?

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Where can you get a title insurance primer for New York State?

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