Title Insurance = Peace of Mind

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The biggest investment you will make in your life will probably be purchasing a home. So before you sign on the dotted line, you want to be sure that the "title" of the property is free of any other claims.

A title insurance company ensures that your new home doesn't carry encumbrances and other legal obstacles.

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 insurance company performs an extensive search on the title history of the property. Through its research, the title insurance company can almost always find any title problems that may arise and clear up these problems prior to closing.

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 the limitations on your ownership. It will also cover what the title insurance company is responsible for. Typically your title insurance will protect you in the following cases:

  • Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. In this case, the title company will defend your title at no expense to you.
  • Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Many other complex problems define "Defective title." The title company will discover these problems, or if they miss them, protect you from financial loss - up to the amount of the policy.

At Prime Capital Mortgage Corp, we answer questions about this process every day. Give us a call at 248-644-1200.

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