Title insurance is an insurance policy that provides compensation for loss or damage as covered for many risks associated with real estate, including coverage in the event that another request participation in the insured property or if the priority and enforceability of a mortgage lender on the title is disputed. You can visit https://www.clearskiestitle.com/ to know more about title insurance.

Title insurance provides coverage against the existing title defects at the time of closing, but is not known to the insured at the time. It also provides coverage against losses from many forms of fraud in securities.

Title insurance is widely used because of its comprehensive coverage and reduces costs and time of the closing of real estate. Those who can benefit from title insurance are home buyers, existing homeowners, residential and commercial lenders, and buyers of commercial real estate.

Image Source: Google

Title insurance is available for residential and commercial property and must meet the underwriting criteria of the title insurance company. Policies can be obtained for the lender, or both the buyer and the lender.

The title insurance policies are obtained by the lawyer / notary acting for the owner of the house. However, a client certainly has the ability to purchase title insurance without the condition of the lender.

Title insurance is available for a one time premium. The premium is based on the purchase price for owner policy and recorded the mortgage amount for a lender policy.

In some cases, the cover of the continuous policy owner to apply, even after the original insured has more interest, including situations where there is a transfer of ownership in favor of spouse or a child in the title to a nominal amount. For continuous coverage lender policies assignees of mortgage assured.