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Owners Title Insurance
For most people, a home represents the largest single investment in their lifetime. Thus it is only natural that an owner will want to make that investment secure by protecting the basic proof of ownership. Owners title insurance is a very effective way of doing just that.
What is title?
A title is the written evidence or right
which a person has to the ownership and possession of land. A
defect in that title can be any legal right held by someone other
than the owner to claim property, or to make demands on the owner
of that property.
Sale of Property
While there should be no risks in
transferring property, they do exist. Through the years, your new
property may have changed hands many times through sale,
inheritance or foreclosure. Each transfer was an opportunity for
an error in title to arise.
Lenders Title Insurance
In Georgia, lenders title insurance is
mandatory. The borrower is required to pay for this policy. As
the name implies, this policy covers the lender should a
situation ever arise.
Owners Title Insurance
An owners title insurance policy provides
the borrower with peace of mind (policy is optional in Georgia).
It takes the risk out of acquiring property whose legal history
is unknown to you.
Unlike other types of insurance which protects a policyholder against loss from some future occurrence (i.e. a car accident, fire etc.), owners title insurance protects you against some occurrence that has already possibly happened, such as a forged deed somewhere in the title.
The title policy remains in effect for as long as the
property is owned by the insured, and only requires a one time
payment to set it up.
What risks does it protect you against?
Key Benefits
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Protection
against financial loss, due to title defects Costs for
legal defense of property, if necessary Peace of
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