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Title insurance

Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. The vast majority of title insurance policies are written on land within the United States. Although title insurance can be viewed as a result of deficiency of land records in that country, in practice it works as a privatized land registration system (as opposed to a recording system) placing the cost of the system on the users of the system and as a check against governments doctoring title registration of lands they acquire. Title insurance will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. Title companies, as opposed to public registrars, maintain abstracts of title, and title insurance financially "backs up" certificates of title they issue based on the abstracts they maintain.

The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate.

There are two types of policies – owner and lender. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance [a loan policy] to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance. Buyers purchasing properties for cash or with a mortgage lender often want title insurance [an owner policy] as well. A loan policy provides no coverage or benefit for the buyer/owner and so the decision to purchase an owner policy is independent of the lender's decision to require a loan policy.

Title insurance is available in many other countries, such as Canada, Australia, the United Kingdom, Mexico, New Zealand, Japan, China, Korea and throughout Europe. However, while a substantial number of properties located in these countries are insured by U.S. title insurers, they do not constitute a significant share of the real estate transactions in those countries. They also do not constitute a large share of U.S. title insurers' revenues. In many cases these are properties to be used for commercial purposes by U.S. companies doing business abroad, or properties financed by U.S lenders. The U.S. companies involved buy title insurance to obtain the security of a U.S. insurer backing up the evidence of title that they receive from the other country's land registration system, and payment of legal defense costs if the title is challenged.

Usage examples of "title insurance".

It's thirtyone thousand nine hundred and ninety-nine, plus the lot, but including closing costs and title insurance, and the poor Torbadills added the Kingway Pool, a second Florida room, and marvelous, absolutely marvelous plantings.

There's fire and theft, there's mortgage insurance, title insurance, earthquake insurance, comprehensive-whatever that means, because it's incomprehensible to me.

There's fire and theft, there's mortgage insurance, title insurance, earthquake insurance, comprehensive—.

There's fire and theft, there's mortgage insurance, title insurance, earthquake insurance, comprehensive&mdash.

Slump-shouldered girls are scurrying into the big Title Insurance & Trust Company and Crocker National Bank buildings, rushing to punch in on the time clock before 8:00.

There won't be a day wasted on banks, mortgages and all those silly time consuming details, his attorneys will take care of the title insurance and the usual formalities and I think we can have a closing almost overnight, I think I mentioned that he's a very busy man he has a dinner meeting with some top industry executives out on the coast tonight and.

Yes, he drove out of his way and dropped me off at Mississippi Title Insurance.

He is perfectly willing to pro rate the special assessment and there will be no difficulty in getting him to pay for title insurance.

Slump-shouldered girls are scurrying into the big Title Insurance &amp.

What in God's name is this doing here, deeds to the properties land surveys title insurance, supposed to be in my safe how did it get here mixed up with my notes books papers what I came here to work on, my whole idea wasn't it?