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What is Title Insurance?
Title insurance is issued after a careful examination of the public records.
Chances are, the purchase of real estate is the largest single investment you
will ever make and the loss of such an important investment would be
catastrophic.
The examination reveals the current status of ownership and encumbrances. It
shows the current record owner, it shows the current limitations on that
owner's property rights, such as outstanding mortgages, past due child support
and/or maintenance, outstanding property taxes, past due subdivision fees
and utility easements. The title company has to pay these items from the sellers
proceeds or they will continue to adversely affect the property after the
closing.
Here are just a few of the more common Title Troubles:
- Deeds by persons supposedly single, but secretly married
- Deeds by persons of unsound mind
- Forged deeds, releases, etc.
- Deeds by minors
- Fraud
- Instruments executed under fabricated or expired power of attorney
- Duress in execution of instruments
- Error in tax records
- Claims of creditors against property sold by heirs or devisees
- Easement by prescription not discovered by a survey
If a problem would arise after closing the Title insurance will pay for defending
your title at no additional cost to you, just the one-time charge you paid at
closing.
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