What Does Title Insurance Protect Me From?
By including title insurance when purchasing a property, your title insurer takes on the responsibility for legal expenses to defend your property's title, should it ever be challenged. Many different occurrences can come into play to warrant the need for title insurance. If the defense is not successful, you will be reimbursed for any loss of value of the property. Let's face it, this is very important because it helps ensure that you have clear ownership to the property that you are buying.
Common Things That Title Insurance Covers:
1. Undisclosed heirs, divorced spouses, forged deeds, undisclosed mortgages, wills, releases and other documents. It also covers property encroachment where a neighbor may have a garage or driveway that crosses onto your property line
2. False imprisonment of the true landowner
3. Deeds by minors
4. Documents executed by a revoked or expired power of attorney
5. Probate matters
6. Fraud
7. Deeds and wills by person of unsound mind
8. Conveyances by undisclosed divorced spouses
9. Rights of divorced parties
10. Adverse possession
11. Defective acknowledgements due to improper or expired notarization
12. Forfeitures of real property due to criminal acts
13. Mistakes and omissions resulting in improper abstracting
14. Errors in tax records
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