Title Insurance is unique when compared to the many other types of insurance available. Title Insurance takes proactive steps to insure that your real estate ownership is unencumbered. So since you are not covered for future events that may impact your title - it is the past events that you do not want to effect your good and marketable title. Certain title defects can prohibit you from selling, mortgaging or even giving away your property. So you can see why it is important to understand what coverage is provided.
These are but a few of the protections provided by your Title Insurance Policy:
Forged deeds, mortgages, satisfactions or releases;
Deed by a person who is mentally incompetent;
Deed by a minor that can be disavowed;
Deed from a corporation, unauthorized under corporate bylaws or given under a false corporate resolution;
Deed from partnership that is not authorized under it's partnership agreement;
Claims resulting from the use of an alias or fictitious name style by a predecessor in title;
Deed following a foreclosure where the proper procedures were not followed;
Falsified Power of Attorney;
Undisclosed Divorce;
Undisclosed Liens recorded in the County Clerk's Office;
Undisclosed Mortgages recorded in the County Clerk's Office;
Improperly indexed documents in the County Clerk's Office;
Property that is land locked, having no access to a public road;
Prior decedents estate interests;
Improper legal descriptions;
Undisclosed recorded easements, covenants, restrictions, agreements;
Prior Real Estate Tax Liens;
Again, these are just some of the coverages that the title insurance policy provides. Remember to carefully discuss the title commitment that your attorney will receive prior to closing that will detail your coverages. Any items that need to be cleared before closing will also be disclosed in the commitment. Home tip#1
These are but a few of the protections provided by your Title Insurance Policy:
Forged deeds, mortgages, satisfactions or releases;
Deed by a person who is mentally incompetent;
Deed by a minor that can be disavowed;
Deed from a corporation, unauthorized under corporate bylaws or given under a false corporate resolution;
Deed from partnership that is not authorized under it's partnership agreement;
Claims resulting from the use of an alias or fictitious name style by a predecessor in title;
Deed following a foreclosure where the proper procedures were not followed;
Falsified Power of Attorney;
Undisclosed Divorce;
Undisclosed Liens recorded in the County Clerk's Office;
Undisclosed Mortgages recorded in the County Clerk's Office;
Improperly indexed documents in the County Clerk's Office;
Property that is land locked, having no access to a public road;
Prior decedents estate interests;
Improper legal descriptions;
Undisclosed recorded easements, covenants, restrictions, agreements;
Prior Real Estate Tax Liens;
Again, these are just some of the coverages that the title insurance policy provides. Remember to carefully discuss the title commitment that your attorney will receive prior to closing that will detail your coverages. Any items that need to be cleared before closing will also be disclosed in the commitment. Home tip#1
(this is not a solicitation for your business)
