Title Insurance
From LawDepot Law Library
Definition of "Title Insurance"
Title insurance is a form of insurance in which the insurer agrees to indemnify the insured party for any loss suffered that results from a defect in the title to the property that was unknown to the buyer at the time of the sale. A title policy of insurance insures the homebuyer against any encumbrances that may affect the title to their property. The policy is required by most institutional lenders in order to get a mortgage and will pay the value of the mortgage in the event that there is a defect in the title that voids the buyer’s title to the property. It is an alternative to getting a municipal compliance certificate or real property report.
"Title Insurance" is referred to in the following legal documents:
Real Estate Purchase Agreement
