Real Estate Title Insurance: A Brief Explanation

Image of a house with a blue sky background. Captioned: Real Estate Title Insurance, A Brief Explanation.

Title insurance emerged more than a century ago. It had a purpose: to stop swindlers from cheating buyers, by ascertaining that land was, in fact, owned by the person selling it.

Since then, it has grown into a multi-billion-dollar business. 

And while today’s title insurance industry ostensibly protects homeowners from defects in their deeds, some believe it has been rendered practically obsolete in the digital age. Today, a record search can be done for less than a tenth of the prevailing rate of title insurance—which can exceed $2000, depending on the home’s price and the state in which the property sale occurs. 

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Quit Claim Deeds and Continuation of Title Insurance

Provided by Matthew A. Quick, Esq., an attorney licensed in the state of Illinois.

Title insurance coverage is dictated by the terms of the policy issued by the title insurance company. In most, if not all, policies for title insurance there is a provision for “Continuation of Coverage” or “Continuation of Insurance.” Typically, this provision provides that the insurance will continue only so long as the insured holds an interest in the land or has liability by reason of warranties given in any transfer of the title.

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