Buying a home may be the largest investment you make in your life. So before you commit to the transaction, you must be sure that the "title" of the property is free of other claims.
A title insurance company ensures that your new home won't surprise you with encumbrances and other legal obstacles.
You pay the title insurance company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.
The title company performs an extensive search on the property's title history. The title insurance company can almost always find any title problems and have these problems cleared-up before you close on the property.
Because Real Estate Law is so complex, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem with the title to your property. Your owner's policy will describe the property and outline any recorded limitations on your ownership. It will also cover what the title insurance company is responsible for. Title insurance covers the following:
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