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What is Title Insurance
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Title Insurance is a contract to underwrite against
financial losses incurred as the result of liens or encumbrances upon,
defects in or inability to market the title to residential or commercial
real property as described in the Title Policy. Each policy is a contract of
indemnity that agrees to assume the responsibility for defending your title
against any defect covered by policy's terms and to reimburse you for financial losses up to the policy limits.
The Title Insurance Policy is issued to the Purchaser and/or Lender as a
one-time premium policy by a Title Insurance Agent or an authorized
representative of the Title Company. The amount charged for the
policy is determined by the mortgage amount or purchase price, whichever
is larger.
Refinancing may also require a new Loan Policy to be purchased for the new
Lender and the cost will be determined by the new loan amount. The
new policy will have no effect on the policy originally purchased by the
current owner.
 
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