Question 1

What is title insurance?

Accepted Answer

Title insurance is a type of insurance policy that protects the lender and the owner from any issues or defects with the title of the property. The Lender's Policy ensures the lender has a valid first mortgage on the property, while the Owner's Policy ensures the homeowner has good title to their own property.

Question 2

Why is title insurance required?

Accepted Answer

Title insurance is required by lending institutions in most residential real estate transactions. Today's nationwide mortgage practices have made title insurance a necessary part of the closing and escrow process, as it protects both the lender and the owner from any potential title defects.

Question 3

What does title insurance cover?

Accepted Answer

The Lender's Policy protects the lender's interest in the property by ensuring they have a valid first mortgage. The Owner's Policy protects the homeowner by ensuring they have good title to their own property. If any title defects are found later, the insurance policy will provide coverage and protection.

Question 4

What are "title defects"?

Accepted Answer

Title defects are problems that may exist with the title to a property, despite the examination of the land title and the real estate closing process. These can include honest human errors or other issues that were not discovered during the title search.

Question 5

Why should I purchase an Owner's Policy in addition to the Lender's Policy?

Accepted Answer

If you only have the Lender's Policy, you will not have any protection as the homeowner. The Owner's Policy ensures you are protected if any title defects are discovered later, which could otherwise result in a serious loss for you.

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Frequently Asked Questions about First Lima Title Agency

What is title insurance?

Why is title insurance required?

What does title insurance cover?

What are "title defects"?

Why should I purchase an Owner's Policy in addition to the Lender's Policy?

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