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Against what contingencies does title insurance offer protection?
Typical title defects result from liens and encumbrances on a property related to unpaid taxes, land use and zoning restrictions, unsettled contractor disputes for work done on the property, and unrecorded deeds.
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.
What is title insurance for a car?
Insurance against any financial loss from defects in the title. Normally used in deals involving land.
Does title insurance in a special warranty deed protect the buyer from any other defects of title that are old?
title company
Can someone tell me what title insurance is?
Title insurance is insurace for financial loss as in real property, also known as title, defects. They provide money to you so you can get rid of these defects rather that using your own money. http://en.wikipedia.org/wiki/Title_insurance_in_the_United_States
Does homeowners insurance cover the lenders title insurance?
No it does not. Lenders Title insurance is a whole other form of coverage
Why should you have title insurance?
Title insurance can protect and insure the homeowner and mortgage lender. Typically their are two title insurance policies issued at the time of a sale. One for the owner and one for the mortgage lender. The owner does not legally have to buy the owners policy but lenders will require a lenders policy to protect their interest in the property. The reason you have title insurance is to insure against loss resulting from title defects, whether these defects are known or unknown at the time of the sale or the refinance. The coverage is provided for both "on record" and "off record" issues, defects or problems. There is a long list of reasons for claims to be made. Misfiling, recording errors, procedural requirements, local requirements and many more. Please note title insurance does not cover future risks like most forms of insurance. Only risks existing at the time the policy was issued are covered.
What is the title insurance?
Title insurance is protection that ensures that you are the proper owner of the property and that if someone comes forward with a valid claim to a portion of your property, the title insurance company may have to pay that person the value of the claim. In buying real estate you have to make sure that the seller truly owns the property in full with no defects in title. The title insurance company reviews the land records to make sure of this. If the company states that the owner is the full owner, it backs its opinion with title insurance. Some title defects might not be covered though, but the lawyer helping the buyer will make sure that it is safe to buy the property.
Is abstract of title a legal document?
No. An abstract of title is more like a status report of who owns the property, any outstanding liens and encumbrances and any defects in the title. It is used by an attorney, title company and title insurance company to determine if it can/will certify the title and issue a title insurance policy.
Does my insurance cover a friend driving my car?
yes because if you have insurance on your car as long as you name is on the title and you were in the car with your friend most likely the insurance will cover it
What part of the title insurance policy that sets forth all of the encumbrances and defects that will not be insured against is called?
The part of the title insurance policy that outlines all encumbrances and defects that will not be insured against is called the "exceptions" section. This section details specific issues, such as liens, easements, or other claims, that the insurer will exclude from coverage. Understanding these exceptions is crucial for policyholders to know what risks they may still face despite having title insurance.
Does title insurance cover errors in property lines?
because u are ugly
