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Title is your ownership rights to your property.
Title insurance is a policy that protects your investment and property rights. There are two different types of title insurance: owner’s policy and lender’s policy.
- An owner’s policy is purchased by you, the homebuyer. While it is your choice, purchasing an owner’s title insurance policy is the best way to protect your interests.
- Who does it protect? You, the homebuyer, are covered as well as your trustees, inheritors, and beneficiaries.
- A lender’s policy is usually paid for by you or the seller. It is almost always required by the lender and protects only the lender’s interest.
- Who does it protect? Only the lender is covered by the lender’s policy.
A home is the largest investment you will make in your life. Owner’s title insurance is the smart option that protects your property from legal claims. It’s a one-time fee that covers you and your heirs as long as you own your home. The owner’s policy also covers potential legal fees for settling claims against your ownership rights .
A title search is an early step in the home-buying process to uncover issues that could limit your rights to the property.
- Forgery: making a false document; for example, the seller misrepresents the identity of the person who signed the title.
- Fraud: deception to achieve unfair gain; for example, someone steals your identity and either sells your house without your knowledge or consent, or takes out a second mortgage on the property and walks away with the money.
- Human error: inconsistent paperwork and historical records; for example, an unforeseeable discrepancy in the property or fence line can cause confusion in tracking the title history.
Your owner’s insurance policy lasts as long as you or your heirs own the property.