What Is Title Insurance? Do I Need It?
Are you seeking information regarding title insurance? If so, a Glendale real estate law firm may be able to assist you. Title insurance is a method in which individuals can protect themselves from financial loss and legal expenses if there is defect in title to that individual’s property that is covered by the policy. Title insurance is different from other types of insurance in that it focuses on the prevention of risk instead of risk assumption. Title insurance allows title examiners to review the property’s history and looks to eliminate any title issues prior to the purchase of the property. Further, title insurance does not have a monthly payment and is paid through a one time premium payment that is paid at closing. Title insurance is a method in which individuals are able to protect the investment on their home. Owners policies allow for peace of mind that the title company will stand for you if a defect or a covered issue within your title comes up after the purchase of your home.
Title insurance coverage is typically dependent on if an individual has a owner’s policy or a lender’s policy. In general, an individual would need to purchase a lender’s policy if they take out a loan from a public mortgage lender. A lender’s policy covers the lender up to the amount of the loan if any problems occur within the home’s title after financing is complete. Owners policies are generally issued for the total that was paid for the home. Owners policies cover an extensive range of issues that may occur. Issues that are covered by an owner’s policy include deed errors, deed omissions, forgery of deed documents, tax liens, mistakes in public record, and fraud. If you would like more information and assistance obtaining a title loan, please contact a real estate attorney Glendale Ca at the Minassian Law Group. Please give our office a call and a Glendale real estate attorney at our firm will guide you through the process of obtaining title insurance.