What is title insurance and why do I need it?
The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You and your mortgage lender want to verify ownership and confirm that no individual or government entity has any right to your property.
Before issuing a policy, the Title Company performs an in-depth search of the public records to determine if anyone other than you has an interest in the property. If any title problems are found they can usually be cleared up prior to your purchase of the property.
Once a title policy is issued, if any claim which is covered under your policy is ever filed against your property, the title company will pay the legal fees involved in the defense of your rights, plus any covered loss arising from a valid claim. This protection remains in effect as long as you or your heirs own the property.