Title Insurance Information
What is Title Insurance?
Title insurance is insurance on the title
to property that protects the lender or homeowner in case of title
defects. In other words, your policy is an assurance of your ownership
What are the Different Types of Title Insurance?
Why Do I Need Title Insurance?
There are two different types of title
A lender's policy
An owner's policy
In most cases, mortgage lenders insist on
receiving a lender's policy. It protects the lender against title
defects that might affect the security of the mortgage loan. It also
gives the lender a valid lien on property owned by the borrower in the
case of foreclosure. The lender's policy insures only the lender - it
does not protect you.
An Owner's Title Insurance policy protects you
from defects or errors in recorded documents. In addition, it insures
you against title defects not shown in public records such as:
Careful title examination will
not protect you from these types of errors. Nor will a review
of the property's ownership history, or the lender's policy.
Only an Owner's Title Insurance policy from Landmark Title South
will give you protection against title defects, many of which
could result in loss of title to your home.
If a valid claim is made against your title,
and you do not have title insurance, you are responsible for all of the
costs including attorney fees, court costs and any payment required to
resolve the claim.
What does My Owner's Title Insurance Policy Cover?
Your Owner's Title Insurance policy covers
matters affecting access, rights of way, many survey conditions,
mechanic's and material men's liens, subordinations, tax liens,
prescriptive rights and assessments.
If a claim is made against your title, Owner's
Title Insurance protects you by:
- At the underwriter's expense, defending your title in court if
- At the underwriter's expense, settling the claim against your
title if the claim proves valid. Either the claim will be disposed
of or you will be reimbursed.
Your Owner's Title Insurance will stay in
force as long as you or your heirs own the property.
How Much Will My Owner's Title Insurance Policy Cost?
As regulated by the Ohio Department of
Insurance, title insurance usually costs less than 1% of a property's
The premium for your title policy is a one-time
fee, and is paid in full at the time of closing or within 30 days of
your closing date.
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When Will My Policy Be Issued?
A policy is issued after title examination
and related documents have been executed and recorded following the