The biggest investment you will make in your life will likely be the purchase of a home. Before closing on the house, you'll want to know that no other individual or entity has a right, claim or lien to the property.
Determining that your rights and interests to the property are clear is the business of a title company.
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 insurance company performs an extensive search on the title history of the property. Through its research, the title insurance company can usually identify any title problems that may arise 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 title insurance owner's policy will describe the property and outline the limitations on your ownership. It will also cover what the title company is responsible for. Typically your title insurance will protect you in the following cases:
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