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A title search is a detailed examination of the historical public records filed with that County concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The search aims to verify the seller‘s right to transfer ownership and discover any claims, defects, and other rights or burdens on the property.

Title defects can be common depending on the defect. Some are due to clerical errors that can be corrected before your closing or transferring ownership, but you can’t fix what you can’t find. Chains of title can go back hundreds of years, which sometimes means that documents can be lost, destroyed, or even never filed. If there is a break in the chain of title or other title issues come to light that were not revealed when the title search was conducted, others might have a right to challenge your ownership of the property. Purchasing title insurance is how you can protect your investment from the unexpected title defect.

Title insurance and homeowner’s insurance are two very different and individual types of insurance so one is not a replacement for the other. Title insurance protects an owner’s title or ownership rights to a property. Homeowner’s insurance is a type of property insurance that protects against damage to a home or the home’s contents. It can also provide liability coverage for accidents that occur on the property.

All banks require a Title Policy to be purchased for their benefit to protect the Bank’s as the lienholder on your property. If you don’t pay your loan the Bank is guaranteed that they are paid first if your property is foreclosed on and sold at auction. Title Insurance guarantees this by insuring them that they are in 1st Lien Position.

Essentially, yes you are. When you buy a property and you buy both an Owners and Lenders Title Insurance Policy, you will receive a rate that is discounted to reflect the two types of insurance. This is called the Simultaneous Rate. Therefore, you actually pay less than if you buy the two types of title insurance separately.

Yes. Although your lender (or even a realtor or attorney) may give recommendations for a title insurer they have worked with in the past or frequently, you may ultimately choose the company with whom you’re most comfortable. The choice of the insurer is up to the buyer, not the lender or the seller.