Title Insurance

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Title Insurance

A contractual arrangement entered into to indemnify loss or damage resulting from defects or problems relating to the ownership of real property, or from the enforcement of liens that exist against it.

Title insurance is ordinarily taken out by a purchaser of the property, or by an individual lending money on the mortgage, in an amount equivalent to the purchase price of the property. To be entitled to coverage, the purchaser typically pays one lump sum premium, usually at the day of the closing. Title insurance companies are specially organized for this purpose. They retain complete sets of abstracts of title or duplicates of the record, hire expert title examiners, and prepare all types of conveyances and transfers. Following a title search, such companies furnish a certificate of title, indicating the findings of the title examiner with respect to the state of the title to the property involved. Title insurance companies are liable only for a lack of care, skill, or diligence on the part of their examiner when a title certificate is issued up to the face amount of the policy. An insurance of title, however, warrants the validity of the title in any and all events.

Cross-references

Recording of Land Titles; Registration of Land Titles.

title insurance

n. a policy issued by an insurance company guaranteeing that the title to a parcel of real property is clear and properly in the name of the title owner, and that the owner has the right to deed the property (convey or sell) to another. Should a problem later arise with the title (such as an inaccurate description), the insurance company will pay the damages to the new title holder or secured lender, or take steps to correct the problem. (See: title, title search, chain of title)

References in periodicals archive ?
Before joining Carlisle Title, McCray served as Senior Vice President/National Sales Manager for Stewart Title Guaranty Company, where he provided vision and direction for all new and existing business nationwide, almost doubling the company's revenue in a two-year period.
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Stewart Title Dominicana provides title guaranty, escrow and closing services for buyers and sellers of residential and commercial property throughout the country, said Charles Craig, manager for the Central America and Caribbean Division of Stewart International.
HOUSTON -- Stewart Title Guaranty Company announced today the continuation of its charitable giving program as part of its Community of Sharing[TM] initiative.
The featured projects were underwritten by Stewart Title Guaranty Company, Stewart Title Insurance Company or Stewart Title Limited, and closed by Stewart s direct operations, affiliates or Stewart s expansive network of independent title agencies across the United States and the world.
FSR) of A, Exceptional, assigned to Attorneys Title Guaranty Fund, Inc.
Stewart Title Guaranty Company (STG) announced the appointments of James L.