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.
lanco title agency
The objective of title insurance remains the same as it has always been - to help the parties in real estate transactions determine their rights and interests and assure the land transfer is expeditious and secure. Protecting the parties involved in real estate transactions is the reason the product of title insurance was developed.
Do I need an Owner's Title Insurance Policy?
Most definitely! Title Insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership of your property. There may be hidden title defects that even the most careful title search will not reveal. In addition to protection from financial loss, Title Insurance pays the cost of defending against any covered claim
How will Owner’s Title Insurance protect me?
Some common examples of problems covered by an Owner’s Title Insurance Policy include:
• Improper execution of documents
• Mistakes in recording or indexing of legal documents
• Forgeries and fraud
• Undisclosed or missing heirs
• Unpaid taxes and assessments
• Unpaid judgments and liens
• Unreleased mortgages
• Mental incompetence of grantors on the deed
• Impersonation of the true owners of the land by fraudulent persons
• Refusal of potential purchaser to accept title based upon condition of title

What can make the Title to my home defective?
When you purchase your home, you take “title” to your property. Any number of problems that remain undisclosed after even the most meticulous search of public records can make a title defective. These hidden "defects" are dangerous indeed because you may not learn of them for many months or years. Yet they could force you to spend substantial sums on a legal defense and still result in the loss of your property.

Won't the Lender’s Title Insurance Policy protect me?
No, there are two types of Title Insurance. Your lender likely will require that you purchase a Lender's Title Insurance Policy. This policy only insures that the lender has a valid, enforceable lien on the property. Most lenders require this type of insurance, and typically require the borrower to pay for it.

An Owner's Title Insurance Policy, on the other hand, is designed to protect you from title defects that existed prior to the issue date of your policy. Title troubles, such as improper estate proceedings or pending legal action, could put your equity at serious risk. If a valid claim is filed, in addition to financial loss up to the face amount of the policy, your Owner's Title Insurance Policy covers the full cost of any legal defense of your title.

How much does Title Insurance cost?
The one-time premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance. It is a one-time only expense, paid when you purchase your home. Yet it continues to provide complete coverage for as long as you or your heirs own the property.