An insurance contract relating to real estate described in the policy which protects the insured landowner against loss or damage by reason of defects, liens or encumbrances in the insured title, if these faults exist at the date of the policy and are not expressly excluded from its terms.
Insurance that insures the owner of property or the holder of a mortgage upon such property against defects in the title to the property.
Lender requirement for most real estate transactions, title insurance insures the lender's lien position. It also insures that the borrower has vested ownership interest in the property. It also insures that anyone with a vested interest in the property must be made aware of the financing prior to or at the time of closing.
Required by all Lenders, title insurance insures the conveyance of title process. Title insurance is usally paid by the buyer.
Insurance against loss resulting from title problems or issues relating to a specific piece of real property.
A policy usually for the buyer and the lender. The insurance policy is created as protection from loss and damage caused by problems in the title.
is insurance which protects both the lender and the buyer against any claims of wrongful ownership to a property.
MP] Insurance against loss arising from problems connected to the title to property.
A policy issued by a land title company insuring against loss caused by a defect in the title to real estate.
Issued by a title company. It is insurance that protects the lender and/or the buyer against loss in connection with anything stated in the title report.
an insurance policy which insures either an owner or a lender against errors in the title search, essentially guaranteeing either your or your lender's financial interest in the property.
An insurance policy against a defective title.
Protection against problems and loss caused by liens on a title or flaws in a title of a property. The flaws of liens must be already present at the time when the insurance is granted–liens and flaws created once the insurance is in place are not usually covered.If you are considering investing in foreclosed properties, title insurance is a good idea if you want to ensure that title problems don't cost you money.
Insurance to protect a lender or owner against loss in the event of a property ownership dispute.
An insurance policy guaranteeing marketable title to the buyer and first lien for the lender.
A contract in which an insurer, usually a title insurance company, agrees to pay the insured party a specific amount for any loss caused by defects of title on real estate in which the insured has an interest as purchaser, mortgagee, or otherwise.
Policy provided by the title company on their title work guaranteeing the accuracy and completion. Lenders Policy is required and only protects the Lender from loss, Owners Policy is available at buyers discretion and protects the owner.
An insurance policy, which protects the insured against claims arising from title imperfections.
Insurance that protects lenders and homeowners against financial loss in a property because of legal disputes over the ownership of a property.
Insurance that protects the lender or buyer against loss arising from a dispute over ownership of a piece of property. As with a car, the property may have changed ownership many times before reaching the current buyer, and errors and discrepancies can happen along the way. Title insurance is the lender's way of insuring their interest in the property. The cost for title insurance is paid once, at the closing of the loan.
An insurance policy that guarantees the accuracy of the title search and protects against potential errors. Most lenders require the buyer to purchase a title insurance policy protecting the lender against loss in the event of a title defect. This charge is included in the closing costs. A policy that protects the buyer from title defects, known as an owner's policy, requires an additional charge.
protects the homeowner and the lender against any loss of ownership caused by legal defects in the title. Most lenders require a policy of title insurance.
A policy issued to property owners which protects the holder for any loss caused by defects in the title.
A policy which insures the borrower against any errors in the title search (see definition below). This fee is part of the closing costs. Owners Title Insurance may be purchased by the borrower at closing to protect his equity.
An insurance policy which insures you and/or the lender against errors in the title search of the property.
Insurance that protects the homebuyer against any title-search errors or mistakes, and against loss due to disputes over property ownership.
Insurance, usually paid through a single premium at closing, that insures the owner against loss because of a claim against the title that was not found in the title search.
An insurance policy that protects against losses arising from title defects such as forged or misfiled documents
The policy covers the homeowner and lender against any errors in title search.
Insurance that protects the lender against claims that may arise in the event of disputes over property ownership. This charge is usually part of the closing costs.
A policy, usually issued by a title insurance company, which insures you against errors in the title search. The cost of the policy is based on the value of the property and is often split between the buyer and the seller.
Required by the mortgage lender, this policy protects the lender against any defects or abnormalities in the property's title. In a title search, conducted prior to the issuance of a title insurance policy, public records are examined to determine ownership and any claims against the property's title.
Insurance that protects the lender against any claims that arise from arguments about ownership of the property. The premium is paid by the buyer when purchasing a home, and the insurance is in effect until ownership changes.
A policy that protects the purchaser, mortgagee or other party against losses.
A policy that guarantees that an owner properly has title to a property and can legally transfer title to someone else. Reference bankrate.com
Coverage for losses if a land title is not free and clear of defects that were unknown when the title insurance was written. Title insurance protects a purchaser if there is a defect in the title, such as lien against that property that is not discovered at the time of purchase. Skip alphabetic navigation to U
An insurance policy that provides protection for lenders and buyers against any losses caused by defects in the title.
Insurance written by a title company to protect property owner against loss in the event that title is found to be flawed.
Insurance that pays the buyer of property in the event certain title defects arise.
A type of insurance which can protect the lender and the borrower against any title defects when a new home is purchased. Protection for the borrower requires the payment of additional premiums.
An insurance policy which the borrower and lender secure to guarantee against errors in the title search.
Title insurance can benefit either a mortgagor or a mortgagee. Should the beneficiary suffer any damages due to clouded or false title to real estate, title insurance will recompense the damaged party to the extent of the damages, usually to the extent of money owed or already paid.
An insurance that protects the borrower and the lender against claims or liens on the subject property.
Protection of an individual's right to ownership of real estate.
Insurance provided by a title insurance company that reviews all recorded documents that impact the title of a particular piece of real estate. This title "search" discloses mortgages, liens, or other encumbrances on the property that would negatively impact the purchaser’s ownership rights.
An insurance policy which protects the insured against loss arising from defects in title. An Owner's Policy is purchased by the homebuyer at closing and remains in effect for as long as the homebuyer owns the home. A lender may require that a separate policy, naming the Lender as the insured, called a Lenders' Title Insurance Policy, be purchased by the borrower whenever a loan in which property is pledged as security is given. This policy is in effect for as long as the loan remains outstanding.
A required policy purchased by the buyer of a home ensuring that the title will be held free and clear of any liens other than that obtained by the buyer.
An insurance policy, usually issued by the title company, which protects the lender and buyer of a property against loss due to errors in the title search or defects in a title.
Protects against damages arising out of defects in the title.
Policy protecting the insured against loss arising from title defects. Title insurance is typically obtained for the buyer and lender.
An insurance policy which protects purchasers and lenders against losses arising from defects in the title to real property.
Insurance policy that protects a policyholder from future challenges to the title claim of a property that may result in loss of the property.
Insurance that protects a lender and property owner against defects or problems with a title.
Insurance to protect a real property owner or lender up to a specified amount against certain types of loss, e.g., defective or unmarketable title.
Policies protecting the lender and/or borrower against any errors in the title search or preexisting liens not found during title search.
Insurance which protects a purchaser or mortgage lender against losses arising from a defect in title to real estate, other than defects that have been specifically excluded. A clear title is free of any claims, mortgages, liens and other encumbrances and has no ownership interest other than that of the owner of record.
The insurance that protects the lender or buyer against losses relating to disputes over ownership of a property.
A policy issued by a title insurance company that insures the purchaser against any errors in the title search or other issues relating to a specific piece of real property, and is paid for by the buyer.
A policy that protects a buyer against errors, omissions or defects in the title of the property.
Insurance that protects the lender or the buyer against any loss that comes out of disputes over who owns a property.
Insurance purchased to protect the lender and homeowner against claims on the title from previous owners or encumbrances.
Insurance written by a title company to protect property owners and lenders against loss because of certain title defects.
Protection against adverse claims to ownership arising from defects in the chain of title.
Insurance against loss that results from defects of title for a specifically described parcel of real property.
Insures property owner for claims against the title
Insurance that protects both the lender and the buyer from any losses that occur as a result of legal disputes related to the ownership of the property.
A policy which insures a borrower from losses resulting in errors or disputes in the ownership of property
Provides insurance that public records have been examined to insure that there are no liens or other claims against the property.
Title insurance covers possible undisclosed challenges against the property, such as an unknown heir claiming ownership of the home, unpaid repairs owed to contractors, and unpaid taxes. Many lending institutions may require that you buy title insurance for up to the value of the mortgage.
Insurance that protects the lender and/or purchaser against loss due to problem or defects in connection with the title.
Insurance which protects against defects in the title. One should always keep in mind that when purchasing a home, one is buying the actual building and/or land, and the title to the property, i.e. the right to occupy and use the property. That "title" may be limited to the rights and claims of others, limiting use of the property, and creating financial problems for the new purchaser.
Insurance issued by a guarantee company protecting the property owner against any flaws in the title that might affect ownership or potential losses.
a comprehensive indemnity contract under which a title insurance company warrants to make good any loss arising through defects in title to real estate, or any liens or encumbrances upon the property.
Policy written by a title company to protect a property owner against loss if the title is imperfect.
insurance issued at closing to protect the purchaser in his ownership rights to a property. The insurance is against any loss to the policyholder relating to the title of the property and any defects which might be discovered after the closing (a forged document, an unrecorded easement known to a previous owner but not revealed at the time he transferred ownership to another party, incorrect legal interpretations, etc.)
A policy that protects the homeowner should a prior title defect arise later or go undiscovered in the title report.
An insurance contract that protects a property owner from losses arising from real estate title related problems.
An insurance policy guaranteeing that a property title is clear, having no defects or encumbrances.
Protects a lender or owner against loss in the event of a property ownership dispute. Click here to learn more.
The insurance policy you must purchase to protect yourself and the lender against any possible problems of the home you are buying. These problems may include disputes over ownership of a property unresolved legal claims, or an interruption of the deed transferal process between previous owners of the property.
An insurance policy that the borrower buys when closing a mortgage loan to ensure that the title to the real property that secures the loan has no "surprises." A title search should show any legal encumbrances on the parcel used as collateral. But, on occasion, an unrecorded lien might exist. This would jeopardize the lender's collateral position. Thus, the lender requires a title insurance policy.
An insurance policy that protects the holder from any loss resulting from defects in the title.
An insurance policy that insures the homeowner and/or the lender against errors in the title search.
Insurance protection for the lender or the buyer against a loss stemming from disputes over ownership of a property or liens against the property.
Insurance which protects the lender and the homeowner against loss resulting from any defects in the title or claims against a property that were not uncovered in the title search.
Insures the holder for loss sustained for reason of defects in a title, up to, and including the policy limits.
Title insurance protects the lender (and you for an additional cost) against fraud, forgery, title defects and survey problems. It is the lawyer’s responsibility to arrange for this insurance for you if needed. Title insurance can be an alternative to a survey.
An insurance policy the protects the holder form loss due to defects in the title.
Insurance that guarantees a return of your investment should a title problem arise after you take possession. There are two types of title insurance. 1) A fee title policy insures the owners title. 2) A mortgagee title policy insures the lender for the mortgaged amount. Most lenders require the purchaser to pay for a mortgagee policy to indemnify the lender. Policies typically run anywhere from approximately $350.00 to $750.00 depending on the mortgage amount.
An insurance policy that protects a buyer should someone else claim title to a property.
An insurance policy which protects the insured (purchaser and lender) against loss arising from defects in title.
Policy Protection against financial loss arising from defects in the title occurring before purchase. Title Search A check of public record to disclose the past and current facts regarding ownership of a particular piece of property.
An insurance policy that insures the quality of the title and insures the lien priority of the mortgage.
A policy that insures current ownership of the property regardless of previous claims against the property, and insures the lender's claim on the property resulting from the loan.
Insurance which protects the lender (Lenders Policy) or the buyer (Owners Policy) against loss from disputes of ownership.
Insurance that protects against loss because of faulty title.
A policy insuring the owner or borrower against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects and matters specifically excluded by the policy.
Is insurance coverage which protects against defects in title. Most lenders require its purchase. Unlike over insurances, it is purchased by a one-time premium payment.
A type of insurance which insures against defects in the title of property. Title insurance normally covers only the lender. The buyer to protect their interest can purchase owners title insurance. In some areas of the United States owners title insurance is standard.
Charge for insurance that protects the lender by guaranteeing that the property's title is without legal defects.
Policy that protects a buyer against errors or omissions or defects in the title of a property.
Protects against loss from legal defects in the title.
Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against losses arising from defects in the title not listed in the title report or abstract.
A policy, usually issued by a Title Insurance company, which insures a homebuyer against errors in the title search. The cost of the policy is usually a function... read full article
insurance issued to protect against any losses resulting from title encumbrances.
Covers a purchaser of property against unknown defects at the time of purchase, such as a lien against the property.
Protection against loss due to defects in the title that were not uncovered in the title search and not listed in the title report. Both the lender and the borrower may purchase title insurance to protect their own interests.
a policy, usually issued by a title insurance company, which insures you against errors in the title search. The cost of the policy is usually a function of the value of the property, and can be paid by the purchaser, the seller, or both.
Insurance that protects the lender or buyer from loss from disputes over ownership of real estate.
Insurance for owners and lenders regarding various risks and undisclosed interests affecting title.
an insurance policy that insures you against errors in the title search – essentially guaranteeing your, and your lender's, financial interest in the property.
Provides coverage against losses resulting from a defect in the title.
Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
A policy, usually issued by a title insurance company, that insures a homebuyer against errors in the title search. The cost of the policy is usually based on the value of the property and can be paid by the buyer or seller.
insurance protecting the lender and buyer against losses arising from disputes over ownership of a property.
An insurance policy issued by a company that assumes risk. In this case, the risk is that once title has been transferred to a new owner through a closing process, e vidence comes to l ight that challenges the new onwer's right to clear title.
Insurance against loss resulting from defects of title to a specifically described parcel of real property.
An insurance policy that protects the insured (purchaser or lender) against loss resulting from defects in title.
Insurance against loss or damage resulting from defects or failure of title to a particular parcel of real property.
insurance that protects the homeowner and lender against any claims that arise from arguments about ownership of the property.
An insurance policy to protect lenders and buyers from claims made against a property that were due to prior defects in title.
This insurance is designed to protect the lender or the buyer from any losses that may result from the purchase of a property where title encumbrances are at issue.
A no-fault insurance policy that protects you against any current or future claims to the title of your property. Title insurance, along with your lawyer's Search of Title, is designed to protect you from risks such as someone else making a claim to title of your property.
An insurance contract by which the title insurance company agrees to pay the insured a specific amount for any loss caused by defects of title to a specifically described parcel of real estate.
A policy protecting the insured against loss or damage due to defects in title records (generally at the local courthouse) to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims.
This insurance protects against financial loss resulting from claims arising out of defects in the title to real estate, which are existent but undisclosed at the time the policy is issued by the title company.
This special insurance protects lenders against a loss of interest in a property due to unforeseen occurrences that have already occurred and might be traced to legal flaws in previous ownerships (e.g., forged deed). An owner can protect his interest by purchasing separate coverage.
Insurance which protects the policy holder (can be either the lender or buyer) against loss due to disputes over property ownership.
Insurance that is required by a lender to protect against loss due to disputes over ownership of a property.
An insurance against a loss (up to a specified amount) resulting from any dispute over ownership or other title defect.
An insurance policy that protects the lender (and sometimes the property owner as well) against loss due to disputes over the ownership of a property and defects in the title that were not found in the search of the public record. For our comparison purposes, the title insurance cost is considered to be a third party fee.
A policy, usually issued by a title insurance company, which insures a lender or home buyer against errors in the title search. The cost of the policy is usually based on the value of the property, and is often paid by the purchaser and/or seller. Lenders require policies covering the lender's interest, while purchasing coverage for the homeowner is usually optional.
Protects the owner or other insured, such as a lender, against loss or impairment of title.
Lenders and borrowers are protected against financial loss which may result from legal defects in the Title, or other claims against the Title by insurance known as Title Insurance.
A policy, usually issued by a title insurance company, which insures a home buyer against errors in the title search. The cost of the policy is usually a function of the value of the property, and is often borne by the purchaser and/or seller. Policies are also available to protect the lender's interests.
A type of insurance that indemnifies the real estate owner if faults are discovered in the title that was passed to him/her.
A policy issued by a title insurance company insuring the purchaser against any errors in the title search. The cost of title insurance may be paid for by the buyer, the seller or both.
An insurance policy against any loss resulting from defects of title to a specific piece of property.
Protection against loss of interest for the lender or homeowner in case of a defect in the title.
Insurance that provides an indemnity against loss or damage as a result of defect in title ownership to a particular piece of property. Title insurance covers mistakes made during a Title Search as well as matters, which could not be found or discovered, in the public records such as missing heirs, mistakes, fraud and forgery.
Insurance against loss resulting from any problems with the title (deed) to the property you are financing.
A policy that protects the owner of a title from loss resulting from disputes over ownership claims.
Insurance that protects lenders and homeowners against loss of their interest in the property because of legal problems with the title.
Insurance protection against the consequences of a pre-existing lien or encumbrance on a property that might be discovered after the change of ownership. The title company searches public records to make sure the seller has the right to sell the property and that no other people need to sign.
A protection policy in case there's a dispute about who actually owns a property, when two or more parties claim they have title.
Title insurance can benefit either the payor or the payee. Should the beneficiary suffer any damages due to clouded or false title to real estate, title insurance recompenses the damaged party to the extent of the damages.
Title Insurance protects the buyer and lender against losses arising from disputes over the ownership of property.
Insurance that protects the lender or buyer against losses resulting from disputes over the title of a property. Lender Title Insurance is required to close a loan and is typically paid for by the buyer. A buyer must purchase their own separate title insurance policy to protect their interests.
A policy protecting the insured from financial loss in the case of a defect, or cloud on the title.
Insurance that protects the lender or owner from claims resulting from defects in title. A one time premium paid at the time of purchase of funding of a loan covers the lender or owner as long as the lender or owner has an interest in the property.
Insurance that protects the mortgage lender or the home buyer against disputes over who legally owns a property.
A type of insurance which covers against loss due to problems or defects in connection with the title. A lender's policy protects the financial institution against loss and is usually issued in an amount equal to the original amount of the loan. An owner's policy protects the owner against any loss due to title defects and can be purchased at an additional cost.
Generally, the form of insurance that guarantees title to a real property against claims that may arise related to matters occurring prior to the effective date of the policy.
A type of insurance that insures against defects in title that were not listed in the title report or abstract.
Insurance that protects the lender or buyer (there are separate lender and owner policies) against any loss related to disputes over a property's ownership.
An insurance policy issued by a title insurance company ensuring that the title will reflect only liens allowed by the lender at closing. Liens that need to be cleared prior to closing may include other mortgages, tax liens, and judgments.
An insurance, which indemnifies the holder, to the amount of the policy for any loss, not exempted on the policy, or sustained by reason of error or defect in title.
Insurance for protection against losses that result from undiscovered title defects. The owner's policy protects the buyer and the mortgagee's policy protects the lien position of the buyer's lender.
Title insurance protects your investment against fraud, forgery, title defects and survey problems. This insurance offers greater coverage than a traditional solicitor's opinion and is accepted by lending institutions in lieu of a survey.
Insurance that protects the lender or home buyer against any outside claims to ownership of the same property. This situation can actually happen if the person selling you the house does not actually own it. Most often this occurs due to faulty paperwork in some sale of the house in the distant past.
Protection for lenders or homeowners against financial loss resulting from legal defects in the title. This is a requirement to lend for nearly all lenders.
Insurance that protects the buyer from loss that might result from disputes over legal ownership of a property (owner's policy), and that protects the lender from loss that might result from disputes over liens and encumbrances against a property. A policy, usually issued by a title insurance company, which insures a homebuyer against errors in the title search.
Insurance policy protecting owner or lender against loss affecting title.
Insurance that protects the lender and the property owner against losses arising from defects or problems with the title to property.
Insurance that protects both buyer and lender against losses over the ownership of a property.
Insurance against loss resulting from claims against and/or defects of title to real property.
Insurance written by a title company to protect a property owner against the loss of the title.
A type of policy that insures a home buyer against any errors made in the title search and defects in the title that were not listed in the title work or abstract. It is normally issued by a title company.
Usually issued by a Title Insurance company, protects a homeowner from errors made during a title search. Determined by the value of the property being sold, the cost may be shared between the purchaser and the seller.
Title Insurance protects the lender (lender's policy) or the buyer (buyer's policy) against loss arising from disputes over property ownership.
Protects lenders and home owners against loss of their interest in property due to legal defects in title.
A policy of insurance which indemnifies the holder for any loss sustained by reason of defects in the title.
A policy that insures the homebuyer and/or lender against errors in the title search. There are two types of policies typically used on a purchase transaction, the owner's title policy that insures the buyer and the ALTA (lender's) policy that insures the lender.
Insurance to protect the lender or the buyer against loss arising form disputes over ownership of a property.
Insurance to protect the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of property.
A contract by which the title insurance company indicates who has legal title and also will pay the lender a specific amount of any loss caused by claims or disputes against the title/legal ownership of a property. The title insurance policy is bought and paid for only once, at the loan closing.
Insurance against loss or damage caused by a matter affecting the title to immoveable property, in particular by a defect in the title or by the existence of a lien, encumbrance or servitude.
Special insurance which usually protects lenders against loss of their interest in property due to legal defects in the title, called lender's title policy. An owner can protect his interest by purchasing separate coverage. HINT: It's cheaper it both policies are purchased at the same time, usually at the closing.
Title insurance insures against encumbrances and other items that may cloud the title. An Owner's Policy insures the owner and an American Land Title Association Policy (ALTA), sometimes called the lender's or extended policy, insures the lender.
Protection against loss from legal defects in the title of the property. It safeguards the owner against loss due to any defects in the title such as, fraud, court proceedings, missing heirs, incompetence of previous seller(s), recording mistakes and un-filed liens.
A policy of insurance that protects ownership and mortgage concerns. Title insurance can also include surveys, taxes, building and zoning issues, and other local authority searches.
A contract by which the insurer, usually a title insurance company, agrees to pay the insured a specific amount for any loss caused by defects of title to real estate, wherein the insured has an interest as owner, mortgage lender, or otherwise. This type of insurance is required by lenders to protect them against deficient title. The buyer also has the option to purchase an owner's title insurance policy at the settlement table to protect his own interest.
A policy certifying an owner has the title to a house and the right to transfer it to another.
Insurance offered by Title Companies to protect a landowner, and thus the mortgage lender against any "clouds" or legal questions on the title to the real estate, or of legal priority of the mortgagee. This is usually considerably less expensive than the labour-intensive and liability-fraught process of having to have a lawyer search title, and certify it as "clear" -- a process known as "certifying title" or giving an "opinion of title."
A policy which protects the lender and homeowner in event of claims against a propertyâ€(tm)s title.
Insurance that protects the lender against any claims that arise from disputes regarding ownership of the property.
Insurance against loss resulting from defects of title of public record.
Insurance which provides for the payment of a specific amount of funds for loss caused by defects in the title to real estate.
Insurance obtained from a title insurance company that insures the purchaser, lender (mortgagee), or other agent from any loss caused by defects of title on the subject property/real estate.
Insurance that protects the owner or mortgagee against loss arising from disputes over, or defects in the title to, a parcel of real estate arising after the ownership has been transferred.
An insurance policy that protects a lender and/or homebuyer (only if homebuyer purchases a separate policy, called owner's coverage) against any loss resulting from a title error or dispute.
Protection for the purchaser of real estate against defects in title that occurred prior to the effective date of coverage but are discovered after the effective date. mbrella Liability Insurance: A personal or business liability policy that provides high limits for a broad range of liability situations. The policyowner is required to have underlying liability coverage of specific amounts. Claims not covered by the underlying insurance are subject to a self-insured retention.
A form of insurance purchased to protect against any losses or defects in the title of a particular piece of property.
A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property.
Insurance against losses after the property has been conveyed from the buyer to the seller and a new mortgage has been taken by the buyer.
A policy that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of real property.
Protection against most financial losses resulting from problems related to the property title.
Insuring, guaranteeing, or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, or defects in the title to said property, and the invalidity or impairment of liens thereon.
Insurance, usually issued by a title insurance company, which insures a homebuyer against errors in the title search. The cost of the policy is usually a percentage of the property value.
Insurance purchased to prevent loss resulting from any problems with the title to the property you are financing.
An insurance policy, usually with a one-time fee, guarunteeing that at the time of purchase of the policy there are no outstanding liens against the property and no defects in the title.
An insurance policy issued for the protection of all parties against any unresolved title defects.
Coverage that compensates the insured for any loss caused by defects of title.
Insurance that protects a property owner against defects to or claims against a property. Typically purchased by the buyer upon closing, sometimes as required by the lender. Title companies issue the policies.
An insurance policy issued by a company that assumes risk. In this case, the risk is that once title has been transferred to a new owner through a closing process, evidence comes to light that challenges the new owner's right to clear title. Title insurance can be residential or commercial. Residential refers to properties occupied by the owner _ usually single family homes but also including multiple dwelling units. Commercial refers to properties owned as investments and can include raw land, factories, retail stores, mixed use, apartment buildings, office buildings, warehouses or many other types of property.
covers the expenses necessary to protect your title against the ownership of the property.
Policy that protects against property ownership disputes. Lenders require a title policy for their benefit. You must purchase a separate policy to protect yourself as a homeowner.
Insurance to protect the lender (Lender's Policy) and owner (equity policy) against loss arising from disputes over ownership of the property.
Insured statement of the condition of title or ownership of real property. For a one-time-only premium, the named insured and their heirs are protected against title defects, liens and encumbrances existing as of the date of the policy and not specifically excluded from it. In the event of a claim, the title company provides legal defense from the policyholder and pays any covered losses incurred as a result of such claim.
A policy that protects the buyer against any loss or damage resulting from a defective title.
Insurance issued by a title insurance company that protects a Mortgage Lender and/or a property owner against loss if it is later discovered that the title to the property is imperfect.
The insurance that protects the lender and the homeowner against loss resulting from any inconsistencies in the title of a property.
often required to protect lender against loss due to undiscovered title defects. An owner's policy costs less if bought at the same time. A "Title Insurance Binder," is a "commitment to insure the lender."
Protects lenders or borrowers against loss of their interest in a given property due to legal defects in the title. Title insurance insures the status of the state of title to a specific parcel of real property. In exchange for a premium paid, title insurance companies assume the risk that title to a parcel of real estate is as it is stated to be in the policy. A title insurance policy indemnifies the buyer or lender against losses suffered if title to the property is not as the policy states it to be
A policy of insurance that protects the holder from any loss caused by defects in the title. Title insurance policy can take exception to certain items which will not be covered.
A policy which insures a mortgagor or homebuyer against errors in the title search.
Protects lenders and homeowners against loss of their interest in property due to legal defects in the title.
Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising form disputes over ownership of a property.
An insurance policy which insures against errors in the title search, essentially guaranteeing the buyer's and lender's financial interest in the property.
A fee paid, typically by the buyer, to insure that the title has been conveyed free of liens, taxes and other encumbrances.
A policy which protects the lender and/or purchaser against loss due to problems or defects in connection with the title.
insurance issued to owners of real estate that insures that they have "good" title to the real estate, subject to the specific exceptions set forth in the title insurance policy. Title insurance may also be issued to a lender, insuring the lender that the lien of its recorded mortgage is secure. In a typical real estate transaction, both an owner's policy and a lender's policy are issued.
The process of determining the history of the ownership of a property in order to determine if the seller has legal ownership in the property they are selling.
An insurance policy which protects the insured against loss or defects which may occur in the title.
Protection for lenders and homeowners against financial loss resulting from legal defects in or other claims against the property's title.
insurance for lenders or buyers that protects against loss due to ownership disputes
Assurance of indemnification for loss occasioned by defects in the title to real property or to an interest therein which is insured.
Title Insurance policies typically insure a homebuyer against any title-search errors or mistakes, and against loss due to disputes over property ownership. Title Insurance can additionally offer protection to the lender under similar circumstances. The cost of title insurance is usually a set value per thousand of dollars of the total loan amount.
Insurance written by a title insurance company to protect the property owner against loss if the title is imperfect.
Insurance in respect of loss arising from a defect in title to real property.
A policy of insurance which indemnifies the holder for loss sustained by reason of a defect in the title provided the loss does not result from a defect excluded by the policy provisions.
A policy of insurance that protects the holder from any loss resulting from defects in the title.
Whenever you purchase a timeshare you need to get title insurance. This will verify the owner actually owns the week, verifies the legal description, and verifies that the title can be transferred without any problems.
This is a policy, usually issued by a title insurance company that insures a homebuyer against errors in the title search. The cost of the policy is usually a function of the value of the property and often borne by the seller. Policies are also available to protect the lenders interest.
Insurance written by a title company to protect the property owner against losses resulting from title defects.
A policy which insures you against errors in the title search (to determine legal ownership), essentially guaranteeing you and your lender's financial interest in the property.
Insurance to cover loss caused by defects in the title to real estate.
An insurance policy that protects the owner of a property against defect in the title to the property prior to the date of the owner's purchase.
A type of insurance that protects the policyholder against loss sustained through title defects. Paid at closing, title insurance may be the responsibility of the buyer, the seller, or both, depending on what is traditional in your locality.
Insurance that protects against loss from disputes over ownership of a property. A policy may protect the mortgage lender and/or the home buyer. Back
Protects against previously undiscovered pre-existing encumbrances or liens on a property.
An insurance policy which protects the insured against loss arising from defects in title. Title insurance policies are typically obtained for the buyer and the lender.
protects lenders and buyers from loss caused by disputes on the title.
An insurance policy that protects the holder from loss sustained by defects in the title.
Insurance that covers the legal fees and expenses necessary to defend your title against claims that may be made against your ownership of the property. The extent of your coverage depends upon whether you have an owner's standard coverage or extended-coverage title insurance policy. To get a mortgage, you also have to buy a lender's title insurance policy to protect your lender against title risks.
Protection for lenders and homeowners against financial loss resulting from legal defects in the title. (Known as Title guarantee in the state of Iowa).
an insurance policy, which insures you against errors in the title search, essentially, guaranteeing you and your lenders financial interest in the property.
A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if the title is not as represented in the policy.
Insurance relating to defects and/or invalidity of title.
Insurance which protects the lender (lender's policy) or the buyer (owner's policy) against loss due to disputes over ownership of a property.
Insurance written by a title company to protect the lender or owner against property loss in the case of undisclosed liens or defect in the title to a property.
An insurance policy that protects the buyer against errors, omissions, or any defects in the title.
Insurance issued by a title company to protect a property owner against loss due to title errors.
A policy acquired by the owner for the mortgage. May be charged an additional fee to have the insurance company monitor the payouts and collect the lien waivers.
Type of insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss sustained from disputes over property ownership or defects in the title.
Protection for lenders or homeowners against financial loss resulting from legal defects in the title. back to the top
Return To Glossary Index Protection for Lenders or Homeowners against financial loss resulting from Legal Defects on the title.
Protects a homeowner from any loss incurred due to a defect in title, such as forgeries, liens on the property, errors of recording clerks and legal errors.
an insurance policy, usually issued by a title insurance company, that protects buyers and/or sellers against errors or disputes in the title to the property. The cost is usually based on the value of the property. Policies may be issued to protect the buyer (Buyers Policy) or the seller (Seller's Policy) or (usually) both; see also Owner's (Buyer's) Insurance Policy and Lender's Title Insurance
An insurance policy that protects a lender and/or home owner against any loss resulting from a title error or dispute. Most lenders require that you buy title insurance for them to protect against future problems that might arise with the title (ownership). For example, a long lost uncle may show up out of the blue to refute your right to a property, claiming that the property's deed is a forgery. How much do you have to pay? Depending on where you live, you may have to pay for both your policy and the lender's policy. The cost of the owner's policy is based on the property's purchase price, about $3 – 5 per $1,000. The cost for the lender's policy is based on the loan amount, about $2 - 3 per $1,000. You pay this one-time fee on your home's closing date. Title insurance may also cover the charge to oversee closing, conduct the title search and the premium. If you refinance your mortgage, you only have to buy the lender's title insurance. The owner's policy protects you and your heirs until you sell your property.
The insurance policy insuring the lender and/or the buyer that the liens are as stated in the title report. Any claim arising from a lien other than that disclosed is payable by the title insurance company.
An insurance policy that protects the lender against loss due to disputes over the ownership of a property and defects in the title that were not found in the search of the public record. A mortgagor can also receive an owner’s title policy at an additional charge.
Protection for lenders or home buyers against financial loss resulting from legal defects in the title.
An insurance policy that protects against problems in the title to a home. Lender's Insurance protects only the lender's mortgage interest. Homeowners generally buy title insurance to protect their ownership when they buy a home. Ordinarily, the borrower pays the charges (premiums) for both types of title insurance.
First, an "owner's" policy of Title Insurance protects homeowners against loss of their interest in property due to legal defects in title. This is typically paid for by the seller to assure that he has passed marketable title to the property being purchased. Second and different, lenders also require that the buyer/borrower purchase a "mortgagee's title policy" which will protect the lender's interest, assuring, for example, that the lender is in first lien position.
An insured statement of the condition of your ownership rights to a certain piece of property.
An insurance policy issued by a title company to protect the named insured against any claims to the legal title of property by third parties. The two common types of policies are a Lender's Policy and an Owner's Policy.
Insurance against loss resulting form defects of title to a specifically described parcel of real estate.
The insured guarantee of the legal ownership, possession or right to control real estate. Indemnity against loss resulting from defects in or undisclosed liens upon a title. A type of insurance that protects the policyholder against loss sustained through title defects.
Insurance policies purchased at the time a home is bought to protect the buyer and lender against loss resulting from defects in the title.
A policy that protects the lender against loss which can result from inconsistencies in a property title such as liens or claims against the property. This policy also protects the homeowner if he or she purchases an owner's policy in addition to the title insurance.
Insurance that indemnifies the owner of real estate in the event that his or her clear ownership of property is challenged by the discovery of faults in the title.
A policy issued by a title insurance company insuring that the borrower has clear title to the property and that the lender has a valid mortgage, subject only to liens, claims and exceptions disclosed in the title insurance policy.
click here for more info) Insurance that protects against loss due to disputes on the title of property.
An insurance policy protecting the buyer from any errors in the title search.
Insurance that protects the policyholder against loss arising from disputes or claims regarding ownership of a property.
A policy that guarantees that an owner properly has title to a property and can legally transfer title to someone else. Should a problem arise, the title insurer pays any legal damages.
insurance that protects the lender against any claims that arise from arguments about ownership of the property; also available for homebuyers.
Insurance protection for the lender (lender's policy) or the buyer (owner policy) against a loss stemming from disputes over ownership of a property.
Indemnity against loss or damage resulting from defects in or liens on a title at the date of the insurance.
an insurance policy that protects the insured (purchaser and/or lender) against loss arising from disputes over ownership.
An insurance policy that protects a lender or a home buyer against losses resulting in disputes over ownership of a property. The cost of the policy is usually a function of the property value, and is often paid by the purchaser and/or seller.
A guarantee of title issued by an insurance company.
A policy which insures a property owner should a prior claim arise against the property after the purchase has been completed. This also covers a lender should a question of ownership arise.
A policy issued to lenders and buyers to protect against loss due to disputed property ownership.
Protection for lenders or homeowners against financial loss resulting from legal defects in the title. title search
Title insurance protects against the various financial losses associated with having the title on your home challenged, including court costs and loss of the property. For a one-time fee, most title insurers will investigate public records to make sure that your property is free of title defects. This coverage can benefit either the homeowner or the mortgage company, so you should know which kind you're paying for.
The insurance that protects the mortgage company, along with the homeowner, if an owner's policy is purchased against losses resulting from problems with the title of a property, or unknown liens (charges) or other inconsistencies relating to the title of the property.
Insurance that protects against loss due to a faulty title.
Insurance through a title company to protect a property owner or lender from loss if the title proves "imperfect."
Insurance protecting the buyer and/or seller of the fact that the title is free and clear of liens or defects. If there are any title problems in the future, the title insurance will pay legal fees, pay off the mortgage, and in some cases even refund lost equity. This is a one time fee paid at closing. If title insurance is required for the lender, the borrower may purchase an owners policy at a reduced rate.
Insurance which indemnifies the owner of real estate in the event that his clear ownership of property is challenged by the discovery of faults in the title that was passed to him.
A form of insurance contract which guarantees to indemnify an owner or mortgagee of property for damages suffered as a result of undiscovered title defects which arise later.
Insurance that protects the insured against the loss of interest in the property due to defects in the title.
The policy that is issued to protect against loss due to a dispute in property ownership.
Insurance protection against the consequences of a preexisting lien or encumbrance on a property that may be discovered after a change in ownership.
A policy issued to buyers and or lenders to protect against loss due to successful claims to the title of real property by other parties.
Protects your title--your ownership rights--from claims against it. Paid at closing, title insurance may be the responsibility of the buyer, the seller, or both, depending on what is traditional in your locality.
Policy protecting the insured against loss or damage due to defects in the title: The "owner's policy" protects the buyer, the "mortgagee's policy" protects the lender; paid with a one-time premium.
Protection for the lender (lender's policy) against the consequences of a pre-existing lien or the buyer (owner’s policy) against encumbrance on a property that is discovered after change of ownership. back
Title insurance is insurance against loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. It is available in many countries but it is principally a product developed and sold in the United States. It is meant to protect an owner's or lender's financial interest in real property against loss due to title defects, liens or other matters.