Title Insurance

Title insurance is a product offered by title companies that insures the owner of property against financial loss due to defects in the title. Title insurance is offered in several countries other than the United States, but it is a standard requirement by institutional lenders when issuing mortgage loans in the U.S.

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Title Insurance:

Title insurance protects the owner of property by providing coverage against defects, such as liens, or other encumbrances filed against the title. The first title insurance company was Law Property Assurance and Trust Society, which was formed in Pennsylvania in 1853.

Most property transactions in the U.S. are accompanied by title insurance. This product protects the lender and the property owner against any unforeseen title issues after the new owner and new lender are vested in the property. Most institutional lenders require this insurance but with a few non-institutional lenders title insurance is not required. If the property in question is being purchased for cash, the buyer's real estate attorney will most likely recommend title insurance.

What is Title Insurance?

The development of title insurance follows a natural progression of events leading up to the issuance of title coverage. The title company has the best interests of the buyer, mortgage lender and seller at its core. Before title insurance is in place, all requirements for final settlement will be identified and quantified.