What is Title Insurance?

As a homebuyer, you may not be familiar with the term “title insurance,” but it’s important to understand what it is and why you need it. 

A title insurance policy is a form of indemnity insurance that protects the owner of a property from losses arising from defects in the title to a property. A standard title insurance policy insures against the following types of risks:

* Unknown or unrecorded liens or encumbrances against the property

* Errors or omissions in the public records

* Forged signatures on deeds or other documents

* Undisclosed or missing easements or rights of way

* Incorrect descriptions of the property in the deed

* Unknown heirs who could claim ownership

Title insurance protects you against these and other potential problems. It is usually required by lenders, and it is generally recommended for all homebuyers. So, if you’re buying a home, make sure you understand the importance of title insurance.

A title insurance policy does not protect against losses arising from the following:

- Zoning changes

- Environmental contamination

- Economic conditions

For more information on title insurance and how it can protect you and your property, give us a call at 330.686.2282 or e-mail kaley@buckeyereserve.com