Title Insurance in Knoxville
Our title company offers comprehensive title insurance protection for home buyers throughout Knoxville and Tennessee. Crossland Title Company Inc. is a full-service, fully integrated title company, offering a wide range of title, escrow, and closing services for residential and commercial real estate transactions throughout the State of Tennessee. Additionally, we have been providing title insurance service in Knoxville for over 40 years!
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 can protect their investment. Naturally, 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. Furthermore, some mortgage lenders, especially non-institutional lenders, may not require title insurance. On the other hand, 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. Importantly noted, your decision to purchase an owner’s policy is independent of the lender’s requirement of a loan policy.
Potential Consequences of No Insurance
Potential consequences of no title insurance could be very serious. Unfortunately, it would mean you would have to pay all expenses involved with the legal defense of your rights. Additionally, it could even result in a complete loss of your equity if your defense is unsuccessful.