Title insurance protects homebuyers from financial loss and hardship related to unknown judgments and liens, forged transfers, inconsistencies involving a property’s title or misapplication of fiduciary funds.
Once the purchase contract has been signed by both parties, our staff searches public records to look for any problems with the home’s title. This search typically involves a review of land records going back at least 21 years. Approximately one-third of all searches reveal a title problem. For example, the prior owner may have had renovations performed on the property, but never fully paid the contractor. Or the prior owner may have failed to pay local or state taxes. We seek to resolve problems like these before the closing.
Nevertheless, on occasion, title problems occur that simply cannot be found from a diligent search of public records, such as an unrecorded easement or an aerial encroachment that was missed by the surveyor. This is when a title insurance policy protects the buyer.