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发帖数: 1457 | 1 http://www.mitbbs.com/club_bbsdoc/MA_Mortgage_Realestate.html
【 以下文字转载自 MA_Mortgage_Realestate 俱乐部 】
发信人: chem (Mortgage Consultant), 信区: MA_Mortgage_Realestate
标 题: Title Insurance Information
发信站: BBS 未名空间站 (Mon Oct 24 23:03:59 2011, 美东)
What is Title Insurance?
A title insurance policy protects against losses that occur when you
discover after closing that someone else can claim a lien interest or
ownership of the property. Could that happen? Yes. Fraud, forgery or simply
errors during your title examination or a search that came before it could
result in an unclear title coming to light after the closing.
What is a Title Examination or Title Search?
It's a close examination of all public records that involve title to the
real estate you are purchasing. The person conducting the search looks at
past deeds, wills, and trusts to make sure the "chain of title" has passed
correctly to each new owner. The examiner also tries to verify that all
prior mortgages, judgments, and other liens have been paid in full. This
report is examined and ultimately used as the basis for issuance of the
title insurance policies.
What if there is a problem with the title?
If a problem is found it should be corrected prior to closing. For instance,
a previous owner sold the property many years ago without properly
executing the deed. The defect in execution could result in a "cloud" or
problem that must be removed to clear the title.
A title search should uncover other potential problems, such as rights of
way, easements, claims of heirs, and pending actions.
Why do I need Title Insurance?
Because the process in documenting filings at public offices, searching
those filings, and reviewing for legal significance is not perfect. I The
best way to ensure your protection against any imperfection or error has
resulted is to obtain a title policy.
What does the Title Insurance Policy cover?
■Problems that did not show up during the title search or were missed by
the examiner.
■Errors in public records.
■The policy will pay your legal fees if you must go to court to defend your
deed.
■If you lose the property the insurance will pay you for the loss.
What is not covered by a Title Insurance Policy?
■A title insurance policy does not cover defects that occur after you
purchase the property. |
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