Title Insurance = Peace of Mind

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Purchasing a home is probably the largest investment you will make in your lifetime. So before you sign on the dotted line, you want to be sure that the "title" of the property is clear of any other claims.

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 company performs an extensive search on the title history of the property. The title company can usually identify any title problems and clear up these problems before you close on the property.

Real Estate law is extraordinarily complex. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your owner's policy will describe the property and outline any recorded limitations on your ownership. It will also cover what the title insurance company is responsible for. Title insurance usually covers:

  • Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. If this happens, the title insurance company will defend your title at no expense to you.
  • Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Many other complicated problems define "Defective title" or "Clouded Title." The title insurance company will uncover these title problems, or if they miss them, protect you from financial loss - up to the amount of the policy.

Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655 can walk you through the pitfalls of getting a mortgage. Call us: (203) 526-9345.


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