Lost, forged, or incorrectly filed deeds. Deeds are the documents that show who owns the property, and if not filed correctly, can lead to unclear ownership rights. This can include titles filed in the wrong name or titles never filed at all.įraud. This can take many forms such as falsified documents making it appear as if the mortgage is paid off. In addition to providing coverage, prior to issuing a policy, title insurance companies examine all titles to the real property to be covered under the policy and for a one-time fee notify owners, as well as banks and financial companies who may hold a mortgage on the property, of all defects in the title and possible future losses. The insurance provides for the cost of legal fees to defend you in the case of a title claim and for payment of losses which could result from the title claim. Title insurance protects you and your lender if someone challenges your property title because of any alleged title defects, which were most likely unknown to you at the time you purchased the property but may come to light at a future date.
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