Title Insurance
Title Insurance to Protect you from Loss
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What is Title Insurance?
Title Insurance is the protection against loss or damage arising from defects connected to the title to your property.
The prospective home you may be purchasing or refinancing may have gone through several ownership changes and the land on which it rests, may have gone through several more. Within this chain of title, there exists the potential for an emergence of a defect. For example, someone from a past conveyance may have misrepresented him or herself and executed a deed transferring ownership of the property to an unsuspecting third person or party. Another example would be the current owners of the property were recently foreclosed upon, however the foreclosure process was not done in accordance with all required Sections of the Real Property Action and Procedures Law giving the immediate past owners recourse to re-enter the property.
The Title Insurance Policy, which is issued at the time of closing, covers the insured party against any claims that may arise from the time of purchase or refinance, up to and including any event arising prior to said purchase/refinance date. As such, the policy will cover any legal fees incurred in the defense of any such claim which may have arisen therefrom.
A title is your ownership right to your property. Questions about our online form? Call A.T.I.A. today for more information.
Why Do You Need Title Insurance?
Simply stated, to protect possibly the greatest investment that you will ever make, your home.
If you are purchasing a home and are using financing to do so, as the majority of us do, the lender will make this a requirement. They will want assurance and ultimately insurance that the property you are purchasing/refinancing has clean title and that they will be a first position lien holder on the property.
How Long Will The Policy(ies) Be Valid?
The Policy(ies) will be valid for as long as you own the property or in the lenders case, until the loan has been repaid in full. If you choose to refinance your current loan, the lender will require a new title policy.
Please be aware that a conveyance made to an entity other than those originally insured thereunder may nullify your original policy. Consult with your attorney before execution and always feel free to contact us with any questions you may have!
What Does Title Insurance Protect Against?
Just a few examples of the most common hidden risks associated with title claims:
- Forged documents or the misrepresentation of rightful owners
- Undisclosed or missing heirs
- Liens for unpaid Real Estate Taxes
- Liens for unpaid water usage
- Liens for unpaid Estate Taxes (Federal/State/Inheritance)
- Boundary line disputes - notably encroachments of improvements over boundary lines
- Named/unnamed parties in Foreclosure matters not properly served
- Unrecorded Documents
- Unpaid Judgements, Federal Tax Liens
- Unpaid Mortgages (lost/short payoffs)