Owner’s Policy & Lender’s Policy
OWNER'S TITLE INSURANCE
The Owner’s Title Insurance Policy is a one-time premium, and protects the homeowner for as long as the homeowner owns the property. If the title or ownership of your home or real property is challenged based on a covered item, the title insurer will pay to defend against the challenge and will either “perfect” (make perfect) the title or pay damages caused by a valid claim. In most jurisdictions, the buyer is entitled to receive a discount called a “reissue rate” when the seller provides the title company with a copy of their Owner’s Title Insurance Policy (some time restrictions and limitations may apply depending on the title insurer).
An Owner’s Title Insurance Policy protects against the following risks:
- Clerical errors made at the Registry of Deeds
- Forged deeds, mortgage releases or other forged documents
- Deeds made by incompetent persons
- Falsification of records
- Deeds made by minors
Previously undisclosed heirs and previous owners
- Improper legal description
- A deed executed using an expired or invalid power of attorney
- Title taken as a result of an improperly probated will
- False representation of the true owner of the property
- Improperly indexed liens on the property
- And much more!
70+ ways to lose your property
35 Title troubles
Lender’s Policy
The Owner’s Title Insurance Policy is a one-time premium, and protects the homeowner for as long as the homeowner owns the property. If the title or ownership of your home or real property is challenged based on a covered item, the title insurer will pay to defend against the challenge and will either “perfect” (make perfect) the title or pay damages caused by a valid claim. In most jurisdictions, the buyer is entitled to receive a discount called a “reissue rate” when the seller provides the title company with a copy of their Owner’s Title Insurance Policy (some time restrictions and limitations may apply depending on the title insurer).
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