ABOUT TITLE INSURANCE
NOT LIKE REGULAR INSURANCETitle insurance differs significantly from other forms of insurance. While the functions of most other forms of insurance is risk assumption through the pooling of risks for losses arising out of unforeseen future events (such as death or accidents), the primary purpose of title insurance is to eliminate risks and prevent losses caused by defects in title arising out of events that have happened in the past. To achieve this goal, title insurers perform an extensive search of the public records to determine whether there are any adverse claims to the subject of real estate. Those claims are either eliminated prior to the issuance of a title policy or their existence is excepted from coverage.
TITLE INSURANCE PROTECTS YOU
Title insurance protects your title to a property from legal challenges that might arise from an illegal or erroneous transfer of title before you bought the property. Title insurance covers your legal fees and, up to the limit of coverage, the cost of any related judgments against your property.
COMMON TITLE DEFECTS
Here are some of the most common hidden risks that can cause a loss of title or create an encumbrance on title:
Title insurance protects you from claims arising from any one of these events if the event took place before you bought the property.
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NEW YORK TITLE
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