| What is a real estate title search and when should it begin? |
| A real estate title search is a search of county public land records. It determines the owner of the property and whether the property being purchased is affected by any liens, judgments, taxes, mortgages, or other restrictions |
| |
| What is title insurance? |
| Title insurance provides the following: |
 |
maximum protection against hidden risks due to claims that may be asserted against a real estate title |
|
assistance with the quick transfer of a property's title when it is sold |
|
full payment of all legal costs of defending a property title |
|
payment of all successful claims against a property title (up to the amount of the policy) |
|
|
| |
| Why do I need property or real estate title insurance? My title search hasn't revealed any problems, and my lender has required me to purchase lender's insurance. |
| Faults within property titles may result in loss for you and/or your mortgage company. Lender's real estate title insurance protects the company or institution that owns your mortgage. However, it does not protect you, the owner, from "hidden risks"-the risks that may not be apparent even after an extensive, detailed property title search. Owner's title insurance protects you and protects the equity in your new home, making it a worthwhile one-time investment. |
| |
| What are the "hidden risks" that could affect my property? |
| Hidden risks include the following: |
|
forgery on property deeds or related documents |
|
deeds that do not represent the true owner of the property |
|
deeds to or from defunct corporations |
|
deeds by minors, persons of unsound mind, or aliens |
|
deeds that falsely represent a person's marital status |
|
deeds given (or said to have been given) under fraud, undue influence, or duress |
|
property deeds executed under expired or false powers of attorney |
|
unsatisfied real estate property deed claims not appearing on public records |
|
mistaken interpretation of wills and trusts |
|
inaccurate or incomplete information on wills and trusts |
|
mistakes in legal documents or tax records |
| |
|
|
