1. Title Insurance Complements and Adds to what should be your lawyer’s full and thorough title search by covering matters that are not possible or difficult or expensive to determine through a regular title or off-title search. These include things such as fraud and forgery on title from prior to and even after your purchase, building and zoning violations and work orders, unpaid taxes, and survey defects.
2. Title insurance is Not coverage or a warranty for the physical condition of the home or property. It deals with title and certain zoning matters only. It is not designed as a home warranty of any kind.
3. Title insurance is typically paid only Once at the time of purchase without further premium or cost and is in effect typically until the next sale or transfer of title to the property no matter how many years it takes. It can also have an endorsement that does not limit the amount of coverage to the value of the property at the time it was purchased. It can be purchased to cover the full market value of the property at the time of the claim. Additionally, having title insurance provides peace of mind to homeowners, knowing that they are protected from potential issues related to their property’s title. It is advisable to hire a lawyer for purchase agreements to ensure that all legal aspects are thoroughly reviewed and to safeguard your interests. This professional guidance can help prevent disputes and ensure that the title insurance meets your specific needs.
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