+-What Is Title Insurance?
Title Insurance is a form of indemnity insurance that protects you against financial loss from defects in real property and helps to ensure that you are able to sell your property when the time comes. It provides assurance that a title is clear (free of liens or judgments / money owned on the property) and marketable (the owner has a right to sell the property).
+-What Does Title Insurance Protect You From?
One of the most important services that FTG provides is the issuance of title insurance. There are few things in life more important than protecting your home and your ownership of it. The following matters are examples of why you need Owner's Title Insurance. Remember that the best title examination or search cannot always protect your equity and home from matters not appearing in the public records. However, title insurance can protect you from:
- Documents executed under false, revoked or expired powers of attorney
- False impersonation of the true land owner
- Undisclosed heirs
- Improperly recorded legal documents
- Prescriptive rights in another not appearing of record and not disclosed by survey
- Failure to include necessary parties to certain judicial proceedings
- Defective acknowledgements due to improper or expired notarization
- Corporate franchise taxes as liens on corporate real estate assets
- Gaps in the chain of title
- Mistakes and omissions resulting in improper abstracting
- Forged deeds, mortgages, wills, releases of mortgages and other instruments
- Deeds by minors
- Deeds which appear absolute, but which are held to be equitable mortgages
- Conveyances by an heir, devisee or survivor of a joint estate who attempts to attain title by ill-gotten means
- Inadequate legal descriptions
- Conveyances by undisclosed divorced spouses
- Duress in execution of wills, deeds and instruments conveying or establishing title
- Issues involving delivery of conveyance instruments
- Deeds and wills by persons lacking legal capacity
- State inheritance and gift tax liens
- Errors in tax records
- Demolition and substandard building liens
- Administration of estates and probate of wills of missing persons who are presumed deceased
- Issues of rightful possession of the land
- Issues concerning the rightful conveyances by corporate entities
- Deeds and mortgages by foreigners who may lack legal capacity to hold title
- Legal capacity of foreign personal representatives and trustees
- Issues involving improper marital status
- Improper modification of documents
- Rights of divorced parties
- Conveyances in violation of public policy
- Misinterpretation of wills and ancillary instruments
- Deeds by persons falsely representing their marital status
- Claims by creditors of decedent against property improperly conveyed by heirs and devisees
- Issues concerning unlawful takings by eminent domain or condemnation
- Special tax assessments
- Real estate homestead exceptions
- Forfeitures of real property due to criminal acts
- Issues concerning adoption of children
- Conveyances and proceedings affecting rights of military personnel protected by the Soldiers' and Sailors' Civil Relief Act
- Issues concerning interests noted in financial statements filed under Uniform Commercial Code
- Interests arising by deeds of fictitious parties
- Adverse possession
- Lack of jurisdiction or competency of persons in judicial proceedings
- Community property issues
- Utility easements
- False affidavits of death or heirship
- Intestate estates
- Probate matters
- Federal estate and gift tax liens
+-What Does a Title Company Do?
Title companies research the history of a home and give the buyer assurance that there are no legal, financial, or other "surprises" awaiting them once the house has been purchased. The title company reviews the history of who has owned the house, confirms that the seller has the right to sell the house, and researches the history of money borrowed against the property.
+-Who Chooses the Title Company?
The choosing of a title company traditionally falls on the buyer of a property. They make look to their real estate agent or lender for recommendations on which title companies to use. In choosing a title company that works best for them, a buyer should keep in mind that they want a company that is not beholden to anyone else, and is looking out for the best interests of the buyer.