What is “title insurance” and why should I care??
When a person decides to purchase a property they want to make sure that the title that they are receiving is “good” and “marketable” and carries no defects. Ensuring that you have a non-defective title is extremely important because you virtually guarantee yourself that you will easily be able to sell the property down the road or will have no problems in refinancing if and when the time comes. In order to guarantee a buyer that he or she is receiving good title, the proper steps must be taken before the actual closing to clear any liens, encumbrances and other items which may block or hinder the clean passing of title to the buyer. At pre-closing, a lawyer/title-agent will conduct a “title examination” to search for possible items that may be affecting title. After discovering any questionable items, the lawyer/title-agent must clear them prior to completing the closing. To back up their work (ie guarantee “good” title) the title agent-lawyer will issue an owner’s policy of title ins
