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Southern Indiana Real Estate © 2007Contact AgentPaul Wonning 812-756-5447 Cell pwonning@northstarrealty.cc |
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Title insurance is simply a contract between the insured and the title company. The insured agrees to pay a premium for the title
policy. Should the title to the property or mortgage insured be questioned, the title company agrees to defend the title in court or
to make good any loss suffered because of the title being defective. The amount of coverage is up to the face value of the policy,
according to the terms of the policy. The issuance of title insurance is not merely guess work, nor is it a wager. It is based upon
careful examination of the official records of property titles, and the judgmental decisions made by skilled title
examiners. You will find that there are two types of title insurance policy. There is an owner title policy which insures against loss to the owner of the property. There is also a mortgage title policy which insures the holder of the mortgage that the mortgage is considered a legal lien on the property. In addition to these types of policies there are also policies for leaseholders and policies for easments. The owner policy protects the insured owner both while he owns the property and after he sells it from any loss he suffers due to the warranty of title in the deed which is signed when the sale is concluded. For a fuller explantion of title insurance please visit this link. |
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