Question 1

What is title insurance?

Accepted Answer

Title insurance is a form of insurance that protects the owner or lender of a property against any loss or damage caused by defects in the title to the property. It provides coverage for issues that may have occurred before the current owner took possession of the property, such as undiscovered interests, liens, or other encumbrances.

Question 2

Why is title insurance important?

Accepted Answer

Title insurance is important because it eliminates the risks and losses that can arise from faults or problems with the title to a property. Even the most thorough search of public records cannot guarantee that no title issues exist, and title insurance provides protection against these hidden risks.

Question 3

What is the difference between a lender's policy and an owner's policy?

Accepted Answer

A lender's policy, also known as a loan policy or mortgage policy, protects the lender's interest in the property. It does not provide coverage for the owner. In contrast, an owner's policy protects the property owner's interest and covers any losses or damages caused by title defects.

Question 4

How long does a title insurance policy last?

Accepted Answer

A title insurance policy remains effective until the property is sold to a new owner, even if that doesn't happen for decades. Unlike other types of insurance that cover future events, title insurance protects against risks or undiscovered interests that may have existed before the current owner took possession of the property.

Question 5

What does a title search entail?

Accepted Answer

A title search involves a careful examination of the public records to determine the current ownership of the property, as well as any existing liens, encumbrances, or other issues that could affect the title. While a title search is thorough, it cannot guarantee that no title faults are present, which is why title insurance is important.

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First Title of Montana

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What is title insurance?

Why is title insurance important?

What is the difference between a lender's policy and an owner's policy?

How long does a title insurance policy last?

What does a title search entail?

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