We pride ourselves in our resourcefulness and experience in recognizing and resolving title related issues. Real Estate is typically the largest investment a family or individual will make. Protecting that investment from potential title issues is the most important aspect of our practice.
We are title insurance providers/agents for Chicago Title Insurance Company and First American Title Insurance Company, two of the industry’s most significant title insurance providers. The strength of our underwriters provides us to with great support and gives confidence to our clients.
How Title Insurance Protects Your Ownership
Why Does Your Real Estate Need To Be Insured?
You probably have several forms of insurance already. And you undoubtedly are familiar with homeowner’s and auto insurance and coverage your life and medical bills. But title insurance?
When you buy a condominium, a home, any other type of building or even vacant land, you must have a complete investigation made on every aspect of the property. Or, you may discover that the property you bought and paid for is not actually yours at all!
And even after the investigation, you will need protection in the event that some point has been missed in the public records or someone makes a claim on the title to your property. That protection is a title insurance policy from Chicago Title Insurance Company or First American Title Insurance Company through Bankers Title & Escrow Corporation.
What does it mean to insure your title to real estate?
And what are the risks that make title insurance so necessary?
Real estate has such great value and is so basic a form of wealth that many special laws have been enacted for its protection – so strict and far-reaching that real estate is more strongly safe-guarded than any other form of property.
As a result, the owner of land has exceedingly strong rights… and so do the family and heirs of the owner.
But others may have “rights” in the property, as well. There are mortgages and leaseholder rights…liens due to unpaid taxes…lien claims to those whom the owner owes money…mining, oil or air rights…and many others. Anyone who has such a claim is, in a limited way, a part-owner. He or she cannot ordinarily be deprived of their interest except by having the claim settled or released. The property may be sold – even without their knowledge – but the claim is still good until satisfied. As a new owner you may know nothing about these risks, but you are still vulnerable to such claims on your property. That’s why you need title insurance.
Doesn’t Your Deed Take Care Of Giving You Clear Title?
Not at all. A “deed” is merely an instrument whereby a seller transfers his or her right of ownership, whatever it may be, to you. It is not proof that the person described as the seller is actually the owner. It does not do away with claims or rights others may have in the property. From the deed, you cannot determine what rights, liens or claims may be outstanding against your title.
What Is A Title Search? Doesn’t It Tell About The Property?
An abstract, which is used in some parts of the country, is a history of the title to property as revealed by the public records. Deeds, mortgages, other instruments and legal proceedings which have affected property through the years are all included in the abstract.
If something is revealed in the abstract which might stand in the way of a clear title, it is up to the owner and the owner’s attorney to clear it away. If they cannot do this, it must be accepted as a limitation on your right of ownership. Also, it is not infrequent for matters which seriously affect the title to be omitted in an abstract, because they are not shown in the public records.
Doesn’t A Title Examination Reveal All Defects In The Title?
It may not….simply because the public records, from which an abstract is made, may not show everything which affects the title.
For example: Statements in the record may be incorrect or may fail to give important facts. There may be fraudulent or improperly executed documents on the record. And, there may even be ordinary clerical mistakes which could seriously endanger the title.
In fact, a title would appear to be clear, after the examination of the abstract, only:
- If the search made in preparing the abstract has been thorough;
- If the facts revealed in the abstract have been correctly interpreted;
- If no clerical errors have been made in public records;
- If claims or rights of others have been disposed of.
Even after all these possible hazards are eliminated, there still remain some of the most serious sources of risk…hazards which by their very nature simply cannot be uncovered.