Title Insurance

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What is Title Insurance & Why you need it?

Procuring a title insurance policy is critical when purchasing a house or piece of property. A property title gives the owner the right to own and use the property. Title insurance is your property ownership protection. It is a means of protecting yourself from financial loss in the event that problems develop about your rights to ownership of your property. Title insurance differs from casualty insurance in that the greatest part of the title insurance premium dollar goes towards risk elimination; so the theory of “loss prevention” is the “why” title insurance is important.

Gathering the following information is where most of the title premium dollar goes. Researching property land records, which contain information about property transfers and property liens reaching back many years, comes first. The next process is examining the public land records to detect any problems such as liens, unpaid property taxes, and various types of judgments against the property. The following examples are some of the potential problems that may occur:

  • Errors or omissions in deed
  • Mistakes in examining records
  • Forgery
  • Fraud
  • Falsification of records
  • Undisclosed heirs
  • Easement judgment
  • Invalid divorce
  • Unpaid child support lien

Title insurance protects you against any of these or any other “hidden” risks that may arise. There is no statute of limitation on a title insurance policy.

Contact a Title Specialist

“Terra offered a superb experience for title research and signing of our mortgage papers.
They offered a convenient meeting place and time for all parties involved. Beth went above and beyond to ensure our closing was completed even though we experienced some bank-related delays” – Ron and Donna S.