What is Title Insurance and why do I need it?
For most Americans, our home is the single largest financial investment we will ever make. While ownership of our home may seem very straightforward, our rights to enjoy our property aren't always as clear. There are literally dozens of ways in which your title to, and ownership of, the property can be jeopardized. The title insurance policies ensure that title issues don't affect your home ownership rights.
TWO TYPES OF TITLE INSURANCE
- Owners Coverage - for the buyer.
- Lenders, or mortgage, protection - for the lender.
Owners title insurance protects the buyer and is issued in the amount of the real estate purchase and lasts as long as the insured - or his/her heirs - have an interest in the property covered. This may even be after the insured has sold the property.
The lender policy protects the lender and the title insurance decreases and eventually disappears as the loan is paid off. Most lenders require mortgage title insurance as security for their interest in real estate, just as they may call for fire insurance and other types of coverage as investor protection.
Generally both policies are issued simultaneously during the title insurance process.
PROTECT YOUR INVESTMENT FROM UNFORESEEN TITLE DEFECTS
Even the most thorough, detailed title search can sometimes not catch every potential title problem. So when you buy a home, insist on protecting your investment with an Owner's Policy of Title Insurance.
If you have an Owner's Policy and a title problem is found later - even decades later - the title professional will resolve the problem and, if necessary, pay for a lawyer to defend your title claim.
Ambassador Title Services is a technology driven, strategically competitive, real estate information and transactional management company. Ambassador Title is committed to delivering state of the art real estate information services and solutions. At Ambassador Title, our customers are not only considered as valuable clients, but as integral partners in delivering value in the real estate industry.