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
The purchaser of real estate needs protection against serious financial loss due to defect in the title to the property purchased. For a single, one-time premium, which is a modest amount in relationship to the value of the property, a buyer can receive the protection of a title insurance policy- a policy that is backed by the reserves and solvency of the Company. A title insurance policy will cover both claims arising out of the title problems that could have been discovered in the public records, and those so-called “non-record” defects that could not be discovered in the record, even with the most complete search.
A title insurance policy will not only protect the insured owner, 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 made against the insured’s title, but it will pay for the cost and legal expenses of defending against a title claim.
Benefits For The Lender
The overwhelming majority of mortgage loans made in the United States are made by persons who are acting in a fiduciary capacity- by savings and loan associations, savings banks, and commercial banks on behalf of their depositors, and by life insurance companies on behalf of their policyholders. Because they are leading other people’s money ( other people’s savings or policyholder’s funds) these lenders must be concerned with the safety of their mortgage investments.
A policy of title insurance provides a mortgage lender with a high degree of safety against the loss of security as a result of a title problem. This protection remains in effect for as long as the mortgage remains unsatisfied.