Woodhill Homes Blog

The final post from the “What is Title Insurance” series provided by Lori Tubbs, Chicago Title Insurance Company of Oregon.

Does a title search reveal all defects in the title?
It may not. For instance, there may be undisclosed heirs; the previous owner may have incorrectly stated his marital status; a prior owner may not have been mentally competent or may have been a minor. There may have been a fraudulent transfer in the past, or a forgery. Confusion due to similar or identical names may have caused someone to overlook a lien, or there may have been errors in the county records such as a wrong indexing. Discovery of any of these defects can arise after you have purchased your home and can jeopardize your rights.

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From the “What is Title Insurance” series provided by Lori Tubbs, Chicago Title Insurance Company of Oregon.

What is a title search?

A title search describes the condition and quality of the title to the land you are buying. It is a detailed examination of the historical records concerning a property. These records include deeds, court records and many other documents. Its purpose is to verify the seller’s right to transfer ownership and to discover any claims, defects, and other rights or burdens on property. A title search may reveal unpaid taxes, unsatisfied mortgages, judgments against the seller and any unpaid special assessments. It may also reveal any restrictions limiting the use of the land, such as right of way for a road or power line, air rights or an easement for a driveway.

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From the “What is Title Insurance” series provided by Lori Tubbs, Chicago Title Insurance Company of Oregon.

Are there different types of title insurance policies?

Yes. There are two types of policies, a lender’s policy and an owner’s policy. The lender’s policy protects the lender’s interest in the property as security for the outstanding balance under the buyer’s mortgage. The owner’s policy safeguards the buyer’s investment or equity in the property up to the face amount of the policy.

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From the “What is Title Insurance” series provided by Lori Tubbs, Chicago Title Insurance Company of Oregon.

What is title insurance?

Title insurance is your policy of protection against loss if any of the above results in a claim against your ownership. Under the terms of a Chicago Title insurance policy, you are protected against risks and insured against loss. If your title as insured is ever challenged, Chicago Title Insurance Company in accordance with the terms of your policy, assures you of a legal defense and will pay all court costs and related fees. If a loss is sustained, you are protected up to the full amount of your policy.

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