May. 29, 2006 - What is Title Insurance????

What is Title Insurance?
Title insurance insures the owner against any losses due to defects in title, or expenses in legal defense of the title, up to the amount or liability of the actual insurance policy. The title policy is usually in the amount of the purchase price. Generally, title insurance provides coverage only for title problems which were already in existence at the time the policy was issued. An exception this is to purchase optional additional coverage which costs 10% of the basic title insurance rate. This additional insurance covers post closing cost matters.