TITLE INSURANCE
Obtaining title insurance is a very important part of the home buying process and it is required in any transaction in which the buyer is obtaining a mortgage in order to purchase the property. Despite its widespread use in most real estate purchases, most people don’t fully understand how important it is.
WHAT IS TITLE INSURANCE?
It is insurance against undisclosed problems with the title, and it protects against financial loss due to title defects, liens or other matters of public record. Title insurance will defend you against a lawsuit attacking your title, or reimburse you for the actual money lost.
Before a policy is issued, Power Abstract will conduct in-depth research to detect, prevent, and eliminate risks and losses caused by title problems. We do this by searching public records such as deeds, mortgages, paving assessments, liens, wills, divorce settlements and other documents to develop and document the chain of title to the property and by identifying all outstanding claims.