Why do I need title insurance?
Purchasing real estate is often the most significant investment an individual or family will make. Given the complexity of this investment, numerous requirements must be addressed to ensure a successful closing. At Elite Hudson Title, we are dedicated to streamlining the transaction process for all parties involved, including buyers, real estate professionals, lenders, and attorneys, ensuring that all requirements are met and the closing occurs on schedule.
Frequently Asked Questions
Q: What is the Title referred to in title insurance
A: In simple terms, "title" refers to the legal right of ownership of a property. Holding title means having proper and legal ownership. Title insurance, which is further explained below, safeguards your investment by protecting you from any claims against your interest in the property.
Q: What is Title Insurance?
A: Title Insurance is a policy that guarantees the property's title is clear and that the owner has the right to sell it. Once a title insurance policy is issued, your interest in the purchased property is protected, subject to the policy's exclusions and conditions. If a problem arises with the title, the title insurance underwriter will defend you in any ensuing litigation, covering costs, attorneys' fees, and expenses. If the claim is ultimately valid, the underwriter will either cover the costs of your claim up to the policy amount or perfect the title as insured at its own expense.
Q: What types of claims are typically made against the title of a property?
A: Various issues can lead to the property's title becoming encumbered or "clouded." Examples of such "defects" include forged deeds, mortgages, satisfaction of mortgages, false impersonation of the true owner, deeds by individuals of unsound mind, deeds by minors, errors in tax records, and many more.