Title insurance is a policy of insurance protecting the insured (either the owner or the lender or both) against actual loss or damage caused by a defective title to real estate. The policy is a contract of indemnity and not a guarantee against claims that might disturb one's possession of the property. Once a loss has occurred, or it appears that a loss will occur unless the title company steps in to defend, the company will take the necessary action to clear the title or compensate the insured for loss up to the face amount of the policy. The title company is also obligated to pay costs and expenses in defending or clearing any title defect covered under the policy.

You may be wondering why you even need insurance following an exhaustive title search normally done prior to closing. Unfortunately, it's nearly impossible to guarantee a title is clear of hidden defects-those circumstances that could find you in a tug of war over the property.

Because only the title to the land and not the land itself can be purchased, a homeowner risks losing his home and the land under it unless he possesses a clear title. Title insurance guarantees the title as reported.

DID YOU KNOW: If a copy of the seller's title insurance policy is provided to the closing attorney, only the cost of the difference of the face value and the new coverage needed will be charged. This can amount to several hundred dollars savings to the buyer.

If you have questions or are interested in buying or selling
Real Estate in Winston-Salem, Lewisville, Clemmons and surrounding areas
of Forsyth, Davie, Davidson, Yadkin and Guilford Counties of NC
please feel free to email or call us at (336)413-0288.