Title Insurance
A policy of title insurance is a contract of indemnity between the insured and the
insuring company relating to the title to the land described in the policy, protecting the
insured against loss of damage by reason of defects, liens or encumbrances of the insured
title existing at the date of the policy and not
expressly excepted from its coverage.
The policy is issued after a complete search and examination of the public records and
shows the condition of the record title, including any money obligations outstanding
against the property, easements and other matters which may affect the rights of
ownership, possession and use of the property.
Title insurance protects the "record" title, insuring it is good subject only to
the exceptions expressly set out in the policy. lt also insures against certain matters
which do not appear of record, such as forgery, identity of parties, incompetence
of former owners, interest of missing heirs, and status of individuals not having the
"right" to sell property.
There are different types of policies. Owners policies are issued to real estate owners.
Purchasers policies are issued to purchasers of real estate under contract. Mortgage
policies are issued to mortgage companies. In addition there are several other special
forms of policies. There is a type of policy to meet the requirements of almost any form
of real estate transaction. |
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