Title insurance protects creditors and property owners from losses due to property disputes and property defects that cannot be found by searching public archives. This requires the real estate company to take legal action if necessary and protects its policyholder from any claims against the property owner. Get a title insurance estimate at Clear Skies Title Agency.
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There are two types of property insurance:
The first is called a mortgage lender's policy or lender's policy to protect the mortgage company's interest in the property.
The second type of property insurance is the owner's policy. Owner's Fee Insurance is issued on behalf of the property owner. It can be paid by the seller or buyer as indicated in the sales contract.
The Ownership Policy ensures that title to the property is free with the exception of liens, foreclosures, and defects.
Title insurance protects property owners from beneficiaries who are not named in the insurance policy, as well as deficiencies in the public register, such as property insurance. It does not correct defects, but it does cover damage caused by defects other than those expressly excluded.
It also usually covers loss and damage if the property cannot be sold or there is no right of access to the property. Coverage is valid from the time of purchase as long as the policyholder owns the property.
If the property is sold, the new buyer must purchase a new policy and be declared a beneficiary to collect title disability claims.