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Do you know what title insurance is and why you need it?
Insurance policies, written by title insurance companies, protecting lenders against challenges to the title claim to a property. Title insurance protects a policyholder against loss from some occurrence that already has happened, such as a forged deed somewhere in the chain of title. If, for example, someone came along claiming that her parents formerly owned the house in question, and that, as beneficiary of her parents’ estate, she now deserved to take possession of the property, the title insurance company would defend the present owner’s title claim in court. Title insurance premiums are usually paid in one lump sum at the time the policy is issued, and the policy remains in force until the property is sold. Mortgage lenders normally require that borrowers obtain title insurance to protect the lenders’ interest in the property. Property buyers also may purchase an owner’s policy to protect their interest in the property. I found this at answers
Why Title Insurance Exists in the United States
Title insurance exists in the US in great part because of a comparative deficiency in the US land records laws. Most of the industrialized world uses land registration systems for the transfer of land titles or interests in them. Under these systems, the government makes the determination of title ownership and encumbrances on the title based on the registration of the instruments transferring or otherwise affecting the title in the applicable government office. With only a few exceptions, the government’s determination is conclusive. Governmental errors lead to monetary compensation to the person damaged by the error but that aggrieved party usually cannot recover the property.
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