If you can answer this question, you will understand more about real estate transactions and the history of those transactions than most people who purchase real estate.
What Defects?
“What is title insurance?” First and foremost, this is true insurance. It protects you against loss or damage just as other insurance does. But, in this area, it protects the insured person if there is a defect in the chain of title on property purchased. If you work with a title insurance company to put a policy in place, you can be protected.
It’s not wise to assume that there are no defects in the history of transactions on the property you’re going to purchase. If someone knew of this issue and decided to contest your ownership, you’d be liable for any costs or loss if you didn’t have a policy. If, in this chain of documents recording the transactions, there is a forged deed, a mistake in recording the legal documents, a misinterpretation of a will, outright fraud, or liens for unpaid taxes, a policy from your title insurance company would protect you from loss.
The Company
Find more information when you visit the website to read about this important insurance and the way it can protect one of the major investments in your life. Take time to read answers to some of the frequently asked questions about title insurance, including the most basic question of all, “Why do I need title insurance?”
If you purchase from a leading title insurance company in Onsted, MI, the research discovers who the current owner is, how the title is vested, or if there are outstanding liens or any other special issues with the property. If a claim is made within the coverage period of your policy, you can contact the company and they will handle the process from that point.
