Title Insurance for Your Peace of Mind

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Purchasing a home is probably the largest investment you will make in your lifetime. Before closing on the house, you'll want to know that no other individual or entity has a claim or lien to the property.

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

You pay the title insurance 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 performs an extensive search on the property's title history. Through its research, the title insurance company can usually find any title problems that may arise and have these problems cleared-up prior to closing.

Because Real Estate Law is so complicated, 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 with the title to your property. Your title insurance owner's policy will describe the property and outline any recorded limitations on your ownership. It will also set forth the title 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 — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Many other complex problems define "Defective title." The title insurance policy will protect you from these errors if the title company misses them.

Harbor View Lending* a DBA of Megastar Financial can answer questions about title insurance and many others. Call us: (207) 571-8034.