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Title
Insurance
What is
Title Insurance?
Title
Insurance insures against loss resulting from defects of title to a
specifically described parcel of real property. Defects may run to the
chain of title or to encumbrances on the property.
Title
insurance services are designed to provide real property owners, lenders,
and others with interests in real estate the maximum protection from
adverse title claims or risks. A Title Insurance policy affords protection
both in satisfying valid claims against the title as insured and in
defraying the expenses incurred in defending such claims.
Owners
Title Insurance
A.L.T.A Plain
Language Residential Owner’s Policy
With this
policy, the title company insures the purchaser of residential real
property, in which he/she will reside, to the same extent as the Standard
Coverage Owner’s Policy. In addition, this policy affords protection
against defects which are insured against in the extended coverage policy
if that defect interferes with the use of the property for the residence
of the insured. Your title insurance policy should provide Coverage for
Labor or Mechanics Liens and forced removal of the main structure on the
property because it encroaches onto adjoining land or an easement.
(Removal of boundary walls or fences is not included in this coverage).
Lenders
Title Insurance
A.L.T.A
Standard Coverage Loan Policy
This policy
insurances the lender, based upon a search of the public records only,
that:
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The
borrower owns the estate or interest in the property which is used as
collateral for the loan.
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There are
no defects, liens or encumbrances on the title which the lender was
unaware of, or are not shown as an exception from coverage.
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There is a
right of access to and from the property.
-
There is
marketable title to the property.
-
The
insured deed of trust is valid and enforceable (usury or truth in
lending laws excluded).
What
is Escrow? | The Loan Process | Title
Insurance
Your “Closing” Appointment | Helpful
Reminders
Taking Title in Arizona
Fidelity National
Title has furnished this information.
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Have
questions about building your new home, commercial project, property management,
or real estate? You can always contact us at 1-877-459-3892 if outside Arizona,
480-964-1946 within Arizona, or just email us by clicking
here!
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