title insurance


The purpose of title insurance is to protect against loss of ownership of the land, condo, house, estate, or other real estate due to a problem or defect with title. The loss could be complete (losing the property entirely) or partial (losing a portion of ownership or use). It may also include a financial loss, whether direct or in terms of future market value of the property. Lanco Title Agency provides this type of insurance.
Title matters affecting ownership and other real estate interests are entered in public records. Before a transaction is completed, a title search of the records can be made in an effort to locate potential problems so that they can be rectified and the sale can proceed.

Title Insurance Minimizes Risks & Claims

Since its inception, title insurance has offered protection that is significantly different from other lines of insurance. Typically, other types assume a particular risk and provide financial indemnity in the event the risk occurs. On the other hand, title insurance emphasizes loss prevention by eliminating risks caused by title problems arising from past events. Besides minimizing the possibility that title hazards will threaten ownership or use of property, the concentration on risk elimination greatly reduces the number of claims to be defended against or satisfied by the insurer. With other types of insurance, an annual premium is usually paid. For title insurance, it is a one-time fee paid at closing.

Title Searches
The first step in the process involves a search of the public records to determine who owns the property, and what interests may already exist in that property. A title search entails examining the records in the offices of recorders or registers of deeds, clerk of courts and other municipal and county officials, or similar records housed in a title company’s "title plant". These records cover all recorded documents, judgments, liens, taxes, street easements, sewer assessments, special taxes and levies, and other matters.