What is Title Insurance? Why would you purchase a policy?

April 28, 2011

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Real estate has such great value and is such a basic form of wealth and prestige that many special laws have been enacted for its protection. As a result, a land owner has very strong rights, as do the owner’s family and heirs. It is important for a real estate purchaser to inquire about title insurance pre-closing and obtain an owner's policy at the closing, because any title issues that arise post closing and without title insurance can have very negative and costly consequences.

Title insurance provides protection against loss arising from problems connected to the title on property that you’re purchasing. It also provides assurance that if any past covered, but undiscovered claims arise to threaten your ownership of real estate, they will be disposed of, or you will be reimbursed exactly as your title insurance policy provides.

Over the years, the title to your property may have changed hands many times through sale, inheritance, foreclosure, and bankruptcy, and each of those transfers brought about an opportunity for an error in title to occur. If such an error occurred, it jeopardizes the validity of the title to your property, ...

You may read more at the link below.

by: Gary F. Bevilacqua

Westfield Evening News
April 28, 2011

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