Owner's Title Insurance
Owner's title insurance, also known as an owner's policy, is purchased by the homebuyer and provides protection against title defects, liens, and other issues that may arise with the property's title. This policy is typically issued for the purchase price of the property and remains in effect for as long as the owner or their heirs have an interest in the property.
Key features of an owner's title insurance policy include:
Protection against undisclosed heirs: Owner's title insurance protects against claims made by undisclosed heirs who may have a legal interest in the property.
Forgery and fraud protection: The policy covers losses resulting from forgery or fraud in the execution of documents affecting the title.
Errors in public records: If there are errors or omissions in the public records that affect the title to the property, owner's title insurance will provide coverage.
Invalid deeds: The policy protects against invalid deeds, such as those executed by someone who lacks the legal capacity to convey title.
Owner's title insurance provides peace of mind to homeowners, ensuring that they have clear and marketable title to their property and protecting their investment in case of title defects or challenges.
Standard Owner's Policy: Provides basic coverage for common title issues.
Enhanced Owner's Policy: Offers additional coverage and protections beyond the standard policy, including coverage for boundary disputes and post-policy forgery.