We all need to know if anything could compromise our ownership of property we buy. We rely on title companies to affirm that the seller has the rights to sell. To affirm this, the title company in turn relies on a legal expert’s opinion of the integrity of the deed — an opinion of title. This document offers clarity and confidence that the seller has full rights in the property, and the ability to transfer it. Then, the title company can back that guarantee with title insurance.
In this article, we look
at these two sets of assurances: the opinion of title and title insurance — and
Continue reading “An Opinion of Title: What Home Buyers Should Know”
Much is said
on the role of title insurance in protecting
protect the buyer from unknown liens, easement holders, or a prior owners’
heirs who claim an interest in the buyer’s new home.
insurance covers the policy holder against loss related to these
various defects in title. Other examples of title defects include
undisclosed restrictive covenants on the property, documents recorded with
mistakes, and fraudulent or otherwise invalid transactions in the chain of
title. A good title insurance policy protects the policy holder
against property devaluation stemming from such problems if they arose during a
previous ownership, unbeknownst to the buyer. The role of the title insurer is
to defend the policy holder against legal challenges to the title,
and to pay the policy holder for covered losses in value.
So far, so
happens if there is a title defect, and the owner actually has to use the title
Continue reading “Unexpected Real Estate Title Defects: How to File a Claim With the Insurance Company”
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.
it has grown into a multi-billion-dollar business.
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.
Continue reading “Real Estate Title Insurance: A Brief Explanation”
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.
Continue reading “Quit Claim Deeds and Continuation of Title Insurance”