What Is Title Insurance?
Title insurance is actually a process, with the insurance policy being the end product. This process starts with a comprehensive search of public records to determine is any liens or other encumbrances are attached to the title. During the search, detailed information from potentially hundreds of sources is gathered and reviewed, including tax records, local records, court judgments, deeds and an evaluation of whether the property characteristics are accurately reflected by the information on the title. Not surprisingly, one in four title searches uncovers some problem that must be rectified prior to close.
Many people are unaware that most real estate is encumbered to some extent and a significant amount of real estate is subject to title defects of varying degrees. Sometimes buyers of real property are persuaded to disregard obtaining a title insurance policy as an unnecessary expense in the transaction. On other occasions, buyers are referred to title agencies that are unfamiliar to them and who write insurance policies on companies (underwriters) whose financial stability may be unknown or in question. Such advice and action could turn out to be foolish, very risky and costly over the long-term.
Title insurance protects you against loss of the inherent value of the property (what the property can be used for) and is a means of financially protecting yourself during periods of ownership and subsequent to ownership against claims which may 1) divest you of your interest in the property or 2) subject you to lawsuits under your warranty deed after your property has been sold.
The cost of title insurance is insignificant in relation to the risk for which you are protecting. It is a one-time cost incurred at closing (customarily paid for by the buyer/mortgagor) with no ongoing premium charge. The cost for title insurance is a modest amount to pay for a lifetime of protection which includes all legal fees and court costs should an action be brought either on your behalf or against you due to an insured title defect or encumbrance.
Chicago Title Agency of North Central Ohio, Inc. provides a full-range of title and closing services. The expertise and experience of our closing personnel, title examiners and licensed attorney, coupled with our modern technology and know-how, makes us experienced in recognizing and resolving title-related problems. Our closing fees are competitive and, in many instances, our overall costs are actually less than other title agencies.
When you have a need for title, escrow or closing services, please do not hesitate to contact us (419) 522-5900, Toll Free at 800-258-6974; Fax 419-524-7252 or E-mail us at firstname.lastname@example.org.