What is Title Insurance?

The title insurance industry has protected the property rights of homeownership for more than 125 years. There are two different types of title insurance policies:

  • An owner’s policy is purchased by you, the homebuyer. While it is your choice, purchasing an owner’s title insurance policy is the best way to protect your property rights, as well as your trustees, inheritors, and beneficiaries.
  • A lender’s policy is usually paid for by the homebuyer or the seller. It is almost always required by the lender and protects only the lender’s interest.

In order to make great title decisions, title companies use the PropertySync platform to maintain extensive historical databases of publicly recorded real property ownership and encumbrance information. They conduct a search on the PropertySync platform for any title defects or problems that need to be addressed before you buy the property. These might include another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements, and other claims. If a challenge to your ownership arises after your purchase, your title company will handle the dispute on your behalf.

ALTA members advocate for the safe and efficient transfer of real estate land title records. Through the highest standards and core values, the industry seeks to eliminate risk before insuring, which provides the best possible chance of avoiding land title problems.

Consumers can learn more about how title insurance protects property rights and find an ALTA member to help with the closing process and title insurance needs at homeclosing101.org

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