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Title Insurance Maryland | Title Insurance Washington DC
| Title Insurance Virginia
WHAT IS TITLE INSURANCE?
There are two types of title insurance. Lenders' title insurance
is required by virtually all lenders to assure them that should a
title defect arise, their investment in the subject property is
protected. Lenders require the Borrowers to pay for lender coverage
as a condition of obtaining a loan.
Owners title insurance protects the purchaser from any title
claims arising from the previous ownership. The owner is protected
from such problems as fraud, forgery and filing errors.
WHY DO I NEED TITLE INSURANCE?
A title search is performed on each transaction. The title
records are only as good as the documents recorded. If a previous
owner perpetrated a fraud, committed a forgery or the clerk of the
land records failed to record or recorded incorrectly, the purchaser
is unprotected without owners title insurance. With the coverage,
the title insurance company incurs the expense of determining the
validity of a claim and defending against the claim. If there is a
title defect, the title insurance company pays the claim so that the
purchaser retains ownership without loss, or compensates the owner
for any and all losses incurred as a result . The cost of the
owner's title insurance premium is modest in comparison with the
potential loss from a claim. Owners title insurance is a one-time
premium.
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