Title insurance is a type of insurance policy that protects property owners and lenders from financial losses related to defects or issues with the title (ownership) to the property. The title refers to legal ownership or the right to possession of the property.
Title insurance is typically purchased during a real estate transaction, such as when buying or refinancing a home. It can be purchased at any time during ownership, however, so long as no claim or no knowledge of a potential claim exists. Title insurance provides coverage for potential losses or damages that may arise due to problems with the title that were not discovered during the title search or examination process. Some common issues or defects in title that title insurance can protect again include:
If any of these issues arise and cause financial losses to the property owner or lender, the title insurance policy would likely provide coverage for legal fees, settlement costs or financial losses incurred as a result of the covered defect or issue. It is important to note that specific coverage and exclusions may vary between title insurance policies, so it is advisable to review the terms and conditions of a policy to understand the extent of the coverage provided.
Don’t hesitate to contact Sullivan Law Firm for your title insurance policy or any questions related to title insurance policies. You can schedule a free consultation with us at sullivanlawfirmpllc.com.
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