Acquiring Title Insurance will ensure that the mortgage lender and the homebuyer are protected against problems with a title during the transfer of ownership of the property. This insures that there is no financial loss in case there are defects in the title.
Because Robin Mathis is an attorney, she is able to perform research on the title to make sure that the title being transferred is clean. A clean title means that there are no unpaid taxes, free of any legal obligations or suits, fraud, any remaining heirs with rights to the property, and more. This research is performed to ensure that the seller is the rightful owner of the property and is transferring the title over to the buyer without any hidden strings attached.
After the title has been approved to be transferred, we will contact one of their trusted underwriting companies to issue an insurance policy. We have issued numerous amounts of title insurance policies to our clients over the years with the underwriting assistance of Stewart Guaranty Title Company and Old Republic National Title Company. The insurance policy will pay for a defense attorney in the event the validity of your title is challenged, or can provide compensation for your equity if the case is lost. Typically homeowners acquire two types of policies; an owner’s policy and a policy that protects the lender, called a lender’s policy.