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Title Insurance has been in existence since the 1800's and was
designed to protect property owners and lenders against losses
from defective titles, property encumbrances and liens. Such
mistakes would include, but are not limited to, invalid
divorce proceedings, unidentified heirs to real property,
liens filed by mechanics having done work on said property,
erroneous foreclosure or tax sales, clerical errors in
records, fraud, and delinquent taxes.
Title insurance is a one-time premium paid at closing. The
amount paid is based on the contract sale price for the
Owner's Policy and the amount of the loan (if the property is
being mortgaged) for the Lender's Policy.
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