Buying a home will likely be the largest investment you make in your lifetime. So before you sign on the dotted line, you must be certain that the "title" of the property is clear of any other claims.
Determining that your rights and interests to the property are clear is the business of a title company.
For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.
The title company searches the property's title history. Through its research, the title company can usually find any title problems and have these problems cleared-up prior to closing.
Real Estate law is extraordinarily complicated. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your owner's policy will describe the property and outline the limitations on your ownership. It will also set forth the title insurance company's responsibilities should any claim covered by the policy terms arise. Title insurance covers the following:
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