Page 11 - Title Insurance Explained With Closing Tips For Buyers and Sellers

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TITLE INSURANCE BENEFITS

Title insurance issued by Old Republic Title provides a broad range of benefits to the parties

involved in a real estate transaction.

Benefits for the Purchaser of Real Estate Benefits for the Seller
The purchaser of real estate needs protection against serious An owner of real property whose interest is insured by an
financial loss due to a defect in the title to the property owner’s title insurance policy has the assurance that the title
purchased. For a single, one-time premium, which is a modest will be marketable when selling the property.
amount in relationship to the value of the property, a buyer can
receive the protection of a title insurance policy – a policy that Benefits for the Real Estate Broker
is backed by the reserves and solvency of the Company. A title The title insurance company and the real estate agent have a
insurance policy will cover claims arising from title problems mutual interest to satisfy all principals in the transaction. From
that could have been discovered in the public records, and the broker’s standpoint, the efficient and safe transfer of title
“non-record’ defects that could not be discovered in the record, will result in client satisfaction. Apart from the security that title
even with the most complete search. insurance offers, most brokers have experienced instances in
which title insurance personnel have enabled them to close
A title insurance policy will not only protect the insured owner, transactions that otherwise may have been delayed.
but also that person’s heirs for as long as they hold title to the
property. The Company will not only satisfy any valid claim Benefits for the Home Builder
made against the insured’s title, but it will pay for the costs By providing various title insurance services and information to
and legal expenses of defending against a title claim up to the the home builder, the title insurance industry assists the builder
policy limit. in identifying and evaluating building and use restrictions,
easements, etc. Old Republic Title removes title problems that
Benefits for the Lender may arise and facilitates prompt disbursement of construction
A policy of title insurance provides a mortgage lender with a funds from the construction lender. All of these services
high degree of safety against the loss of security as a result ultimately rebound to the benefit of the buyers of newly
of a title problem. This protection remains in effect until the constructed homes.
mortgage is paid off in full. Old Republic Title also provides
lenders with in-depth expertise on a wide variety of title-related
matters to facilitate the mortgage loan process.