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 ?
FNF) has closed the acquisition of a majority ownership stake in Hawaii, US-based title insurance company Title Guaranty of Hawaii, the company said.
The Iowa Title Guaranty program, which is administered by the Iowa Finance Authority, was created when a title insurance company went bankrupt in the northwest part of the state.
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.
There is no better example of the promise of e-commerce than Title Guaranty of Hawaii, the escrow company that is the subject of this month's cover story.
HOUSTON -- Stewart Title Guaranty Company announced today the continuation of its charitable giving program as part of its Community of Sharing[TM] initiative.
Global Banking News-September 4, 2017--Fidelity National closes acquisition of stake in Title Guaranty of Hawaii
M2 EQUITYBITES-June 27, 2017-FNF to Acquire Majority Stake in Title Guaranty of Hawaii
Stewart Title Guaranty Company announced today the appointment of Jonathan Sayas as Wisconsin State Counsel.
Gosdin and Bruce Hawley of Stewart Title Guaranty Company (STG) to leadership chair positions for the 2010-2011 bar year.
Mason defrauded 10 lenders including Stewart Title Guaranty Co.
Beth Knight recently was promoted to title department manager with Alyeska Title Guaranty Agency.
In the July 25 issue of Arkansas Business, we whispered about the elusive Melanie Steele getting sued by Stewart Title Guaranty Co.