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What is a Title?
A title is the evidence or right that a person has to the ownership and possession of land. A defect in that title can be any legal right held by someone other than the owner to claim property or to make demands on the owner of that property.
What is Title Insurance?
Title Insurance is a contract to protect an owner against losses arising through defects in the title to real estate owned. If the title is insurable, the company guarantees the owner against loss due to any defects in title or expenses in legal defense of the title pursuant to the terms of the policy.
What does Title Insurance cost?
The cost is directly related to the value of the property. The higher the value, the more coverage is needed. The premium is small compared to the total purchase price. The premium is paid only once and remains in force as long as the property is owned by the insured and continues to protect the insured on warranties after it is sold.
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