Michigan Title
Insurance Agency,
Inc.
313-291-2323
Why You Need Title Insurance
Buying a home is
probably one of the most substantial investments you will ever make. To help
protect this investment, your real estate professional should recommend the
purchase of an owner’s policy of title insurance. But why?
Title insurance
applies the principles of insurance to the risks that are present in all real
estate transactions.
These risks are
primarily those of hidden hazards and human error. Title insurance is issued
after a complete and thorough title search. And, even when performed by
experienced title examiners, a title search is simply a search of public
records, and substantial defects may not be discovered.
So, what does title insurance protect
against?
To name a
few:
 |
Mistakes in recording of legal documents |
|
Forged deeds, releases or wills |
|
Undisclosed or missing heirs, including spouses |
|
Deeds by persons of unsound mind |
|
Deeds by minors |
|
Deeds executed under invalid or expired power of attorney |
|
Liens for unpaid taxes |
|
Fraud |
When you obtain a mortgage, the property you purchase is pledged as security
for the loan. To protect against risk, the lender requires assurance that the
title to the property is clear, and this is done through a loan policy of title
insurance. However, without an owner’s policy of title insurance, the buyer is
unprotected.
An owner’s policy of title insurance is a contract that protects you,
according to the contract terms, against loss or damage due to title defects.
This contract is backed by the known assets and reserves of the title insurance
underwriter and serves as a written guarantee that your underwriter will
undertake, at its own expense, the defense of your title in all legal actions or
proceedings alleging the title to be other than as insured.
For a onetime premium, paid during the closing process, an owner’s policy of
title insurance protects against future losses arising out of past events. In
most cases, an owner’s policy can be issued at the same time as the loan policy,
usually for a nominal onetime fee. Ask your real estate professional about
purchasing an owner’s policy of title insurance from Michigan Title Insurance
Agency and their underwriters with the financial strength, national presence and
quality service you need to make the protection of your investment easy and
affordable.
Title And Closing Services
Michigan Title Insurance
Agency can coordinate and provide a wide variety of services to facilitate the
efficient closing of a residential or commercial transaction, including issuing
title commitments, endorsements and policies, underwriting, recording, escrow
services, and additional services