TITLE INSURANCE

What is it, and why do I need it?

Title insurance protects the insured from losses as the result of claims on one’s ownership of land.  Some examples of claims are fraud, improper court proceedings recording mistakes, missing heirs, un-filed liens, ect.  Coverage under your title insurance policy requires the insurer to defend you against claims of others.  A neighbor may claim rights to a portion of your land.  Without title insurance you would have to bear the cost of settling this dispute through the courts regardless of the validity of the claim.

What are the different types of Title Insurance policies?

There are two basic types of Title Insurance—an Owner’s Policy and a Loan Policy.  As the names indicate, the Owners Policy covers the land and the owner and the Loan Policy covers the lender on a particular piece of property.

If a Loan Policy is issued, why do I need an Owner’s Policy?

A Loan Policy offers no protection to the land owner.  A claim may arise that does not jeopardize the lender’s interest, but may, if fact cause a great loss to the owner.

How long am I protected?

Forever, you and your heirs are protected for as long as you or your heirs own the property.

How much does it cost?

Fees vary from state to state, but in all cases it is a one time cost that doesn’t have to be renewed like all other forms of insurance.

When is Title Insurance issued?

Title insurance is issued only after a careful examination of public records.  But, one has to realize that ever the most thorough search cannot assure that no title hazards exist.  In addition to matters shown by public records, other problems may exist that wouldn’t be disclosed by that type of search.
Some of the most common hidden risks to a clear title are:
Mistakes in recording legal documents.
Instruments executed under an invalid or expired power of attorney.
Un-disclosed or missing heirs.
Misinterpretations of wills.
Deeds by persons of unsound mind.
Deeds by minors.
Deeds by persons supposedly single, but in fact are married.
Liens for unpaid estate, inheritance, income or gift taxes.
False impersonation of the true owner of the property.
Forged deeds, releases or wills.

For more information visit :
Trident Land  Transfer Company