The title to a home is just as important as its physical structure and the land it sits on. Title insurance provides protection from any unanticipated ownership claims that could arise after you purchase a new house. You are protected in the event of a dispute over ownership.
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Your real estate agent will conduct a title search or title examination to confirm the ownership of the property you have just purchased. The title search and examination consist of gathering and reviewing all public records that relate to the property.
These records can include trusts, deeds, liens, and wills. They can also prove that the property is legally passed from one owner to another. This examination confirms that all judgments or mortgages relating to the property have been paid.
The title search will usually return a clear report, but occasionally there will be a problem. These problems, sometimes called a "defect" or "cloud", are things such as missing signatures, easements, or other right-of-way issues. Before any purchase is finalized, these issues should be resolved and reviewed.
Are you a homeowner? Title insurance is required by most mortgage companies. They are very invested in the property and don't want to lose it. You can decide if title insurance is necessary if you're buying your home outright. The home buyer usually pays for title insurance.