Why Title Insurance?

LEARN WHY TITLE INSURANCE IS SO VITALLY IMPORTANT

In the simplest terms, title insurance is protection and comfort. A Title Insurance Policy creates the comfort of knowing that a party's interest, usually as owner or lender, is protected in a real estate transaction.

Title Insurance offers protection from a number of risks that can arise in a real estate transaction. Any of these risks, and many others, can put the owner's or lender's interest in jeopardy or, at the very least, cause problems in subsequent transactions:

  • Clerical error (the most common problem and generally the easiest to fix)Forgery, fraud, incompetence and incapacity
  • Forgery, fraud, incompetence and incapacity
  • Lack of legal access to the property
  • "Missing Links" in the chain of title
  • Unknown heirs to property due to successions, improper identification of owners, etc.
  • Surveyor errors

As soon as you start looking for real estate, you should think about obtaining title insurance. Many potential property owners go with the ebb and flow of the real estate process, agreeing to the specifics of the contract right away. If it’s not too late for you, call Landmark Title Services of Lake Charles, Inc. We’ll help you with title insurance in Lake Charles, LA. With title insurance, you can prevent issues on your end due to defects in the title. If the previous owner didn’t have clear ownership of the title, or if there are liens placed on the property, it can cause problems. With title insurance, you will be protected from such issues. Don’t wait until it’s too late to think about title insurance. Contact Landmark Title Services of Lake Charles today to protect yourself from unforeseen problems with the title.

 


TWO PRIMARY TYPES OF TITLE INSURANCE POLICIES

Mortgagee's

This policy protects the lender's interest in the property up to the amount of the loan; it is always required by the lender. Every time a borrower gets a new loan on a piece of property, a new policy must be purchased. It protects that lender, as to the specific loan, and will terminate when the loan is paid off. The one-time premium is paid at the time of closing the loan.  

Owner's

Owner's Title Insurance protects the owner against title defects, for as long as he owns the property, up to the purchase price or value of the property. The one-time premium is generally paid at the time of the purchase of the property; however, owner's coverage can be purchased at a later date. When purchased at the same time as the Mortgagee's Policy (Simultaneous Issue), it is considerably less expensive than when purchased separately.