Title insurance protects mortgage lenders and owners from unexpected title risks. There are a multitude of hidden defects and potential claims for which title insurance provides coverage including the following:
- Forged deeds and other title instruments
- False impersonation of a true owner
- Deeds by persons of unsound mind or capacity
- Mistakes in recording legal documents (for example, incorrect indexing by land record clerks)
- Undisclosed heirs and divorces
Lender's title insurance will be required by the mortgage lender providing funds for your purchase. Owner’s title insurance is purchased at settlement for an additional one-time premium which is computed based upon the purchase price of the property. We recommend that purchasers obtain the “peace of mind” provided by opting to purchase owner's title insurance. You may be eligible for a reduced title insurance premium (reissue, substitution or similar discounted rate) if a prior title insurance policy was issued on this property and is provided to us at or prior to closing. In addition, you will be eligible for a “Simultaneous Issue Rate” if one or more mortgage (lender) title insurance policies are issued simultaneously with an owner’s title insurance policy. We will automatically provide you with the Simultaneous Issue Rate if you qualify and for the reissue or substitution rate if we are provided with a prior title insurance policy or if we issued a prior title insurance policy that makes you eligible for those rates. If you have any questions concerning how title insurance rates are computed or if you qualify for one or more of the discounted rates described above, please contact our office.