Title Insurance is unique when compared to many other types of insurance available. Title Insurance takes proactive steps to insure that your real estate ownership is unencumbered. So since you are not covered for future events that may impact your title - it is the past events that you do not want to effect your good and marketable title. Certain title defects can prohibit you from selling, mortgaging or even giving away your property. So you can see why it is important to understand what coverage is provided.
These are but a few of the protections provided by your Title Insurance Policy
Forged deeds, mortgages, satisfactions or releases
Deed by a person who is mentally incompetent
Deed by a minor that can be disavowed
Deed from a corporation, unauthorized under corporate bylaws or given under a false corporate resolution
Deed from partnership that is not authorized under it's partnership agreement
Claims resulting from the use of an alias or fictitious name style by a predecessor in title
Deed following a foreclosure where the proper procedures were not followed
Falsified Power of Attorney
Undisclosed Divorce
Undisclosed Liens recorded in the County Clerk's Office
Undisclosed Mortgages recorded in the County Clerk's Office
Improperly indexed documents in the County Clerk's Office
Property that is land locked, having no access to a public road
Prior decedents estate interests
Improper legal descriptions
Undisclosed recorded easements, covenants, restrictions, agreements
Prior Real Estate Tax Liens
Again, these are just some of the coverages that the title insurance policy provides. The title commitment that your attorney will receive prior to closing will detail your coverages. Any items that need to be cleared before closing will also be disclosed in the commitment.
Tuesday, May 5, 2009
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