When a piece of land or a property has a problem associated with its ownership but still the property is developed and subsequently sold there has to be something to protect the buyer. This is the purpose of policy of title insurance that is meant to protect the financial interests of the owner of the property or the lender if at all any problem arises due to the defects in the title of the property, any liens associated with the property or for that matter any problem of the past that may disturb the present owner and lender of the property in question.
The title insurance is needed to protect the right of the owner of the property to exercise his or her right to the property. He should be able to occupy the property, sell the property, mortgage the property or do whatever he wishes to do with his property. If an adverse claim is made against the ownership of the property you must contact the insurer who will cover you for all the legal expenses that maybe required for you to settle the claim.
The claims and risks that are covered by this insurance are:
Any kind of forgery or impersonation
Deed made without being in knowledge of the co-owner, heir or spouse
Any hidden mortgage or lien
Improper recording of the deed
Illegal party involved in the purchase of the property
false survey of the property
any kind of liens on the property
Policy of Title Insurance, 10.0 out of 10 based on 2 ratings