Title Insurance Maryville Tennessee
Crossland Title Inc. is a Knoxville title agency providing full-service real estate title solutions. Crossland Title Inc. makes your closing seem effortless.
How Can Title Insurance Protect You?
Title Insurance policies insure titles to real property for owners and mortgage lenders. They provide the following protections: a) Payment of loss arising from hidden defects. Defects not found during a title examination or recording. b) Payment of legal expenses incurred to clear title defects. Which threaten the lender or owner with the loss. c) Assurance that the marketability of the property remains unimpaired from title defects.
Policies issued based upon a search and review of the public land records. Also, other relevant documents. A thorough examination is to determine title ownership. Also, any other matters affecting the property title and use of that property. Items that may affect a title include easements, restrictions, rights of way and judgment liens.
The coverage provided by a title policy is long-lived. The mortgage holder continues to protect upon foreclosure of the insured mortgage or deed of trust. The owner of real estate insures for as long as he or she owns the property. Also, the holder of a purchase money mortgage or deed of trust secured by the property. Also, is liable under the warranties included in his or her deed to convey the property.
What is Title Insurance?
Title insurance is a form of indemnity insurance. This insures against financial loss from defects in title to real property. Also, from the invalidity or unenforceability of mortgage loans. There are two types of title policies: Owners and Lenders. Lenders require fire insurance. Also, other types of insurance coverage to protect their investment. Nearly all institutional lenders require title insurance (lender’s policy). This is 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 to protect their interest as well. A loan policy provides no coverage or benefits for the buyer/owner. Your decision to purchase an owner’s policy is independent of the lender’s requirement of a loan policy.