Title Insurance for Your Peace of Mind

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Purchasing a home is likely the biggest investment you will ever make. So before you commit to the transaction, you must be certain that the "title" of the property is free of other claims.

Determining that your rights and interests to the property are clear is the business of a title insurance company.

You pay the title company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.

The title insurance company searches the title history of the property. The title company can almost always find any title problems that may arise and clear up these problems prior to closing.

Because Real Estate Law is so complex, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem selling your property. Your owner's policy will describe the property and outline the limitations on your ownership. It will also set forth the title insurance company's responsibilities should any claim covered by the policy terms arise. Title insurance covers the following:

  • Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. If this happens, the title insurance company will defend the title and will cost you nothing.
  • Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Any number of other complicated problems define "Defective title" or "Clouded Title." The title insurance company will uncover these title problems, or should they miss them, insure your loss up to the amount of the policy.

At Ashok Lakshmanan, we answer questions about this process every day. Call us at 630-717-3600.


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