A Virginia Beach Escrow & Title Company, LLC
Title Insurance
Contact Information |
What is title insurance? First, the word title is a collective term for all your legal rights to own, use, and dispose of land. Title includes all previous ownership, uses, and transfers. To legally transfer real estate property, a title search must be performed and, in most cases, the title must be found free of any circumstances that could endanger your right of ownership. Title insurance protects against the possibility of future loss should your legal rights to your property be challenged. There are two types of title insurance: a lender's policy and an owner's policy. The lender's policy protects the lender's interest in the property for the amount of the mortgage loan. An owner's policy protects the homebuyer for the full property value. While a lender's policy is often required to grant a mortgage loan, an owner's policy is typically optional. What does an owner's policy cover? An owner's policy protects your interest in the property against such hidden hazards as:
For a one-time premium you pay during the closing process, your title insurer assumes responsibility for all legal expenses to defend the title to your property if it's ever challenged. If the defense is unsuccessful, you're reimbursed for any reduction in the value of the land. For you, it's a win-win proposition. Your title insurance policy contains terms and conditions that may limit or restrict coverage. Consult your attorney for specific advice regarding your legal rights. |
1115 Independence Blvd. Suite 212 Virginia Beach, VA 23455 (757) 233-7653 (757) 233-7660 Fax tricia@vbescrowandtitle.com |