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An important part of title insurance is its emphasis on
eliminating title risks before insuring. This means the
insured buyer has the best possible chance for avoiding
title claim and loss. Title insuring begins with a search of
public land records for matters affecting the title to the
subject real estate. The examination of documentary evidence
from a search is intended to fully report all material
objections to the title.
Frequently, instruments that don't clearly pass title are
found in the 'chain', or history, of ownership assembled
from the records in a search. These deficient transfers need
to be corrected before a clear title can be conveyed.
Here are some examples of instruments that can
present concerns:
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Deeds, wills
and trusts that contain improper
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Vesting's and
incorrect names.
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Outstanding
mortgages, judgments and tax liens.
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Easements.
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Incorrect
notary acknowledgments.
Hidden
Title Hazards - Unpleasant Surprises
In spite of the expertise and dedication that go into a
title search and examination, hidden hazards can emerge
after completion of a real estate purchase, causing an
unpleasant and costly surprise.
Some
examples are:
-
A forged
deed that transfers no title to real estate.
-
Previously
undisclosed heirs with claims against the property.
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Instruments
executed under expired or fabricated powers of attorney.
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Mistakes in
the public records.
Title insurance
offers financial protection against these and other hidden
hazards through negotiation by the title insurer with third
parties, payment for defending against an attack on title as
insured, and payment of claims. Because of title insurance,
home buyers can enjoy complete protection against claim and
loss. When title insurance is provided, lenders are willing
to make mortgage money available in distant locales where
they know little about market conditions. Make sure that you
are fully protected. Insist on a title insurance policy from
National Title Company.
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