What is a Title?

A  title is the evidence, of right, that a person has to the ownership and  possession of land. It is possible that someone other than the owner  has a legal right to the property. If that right can be established,  this person can claim the property outright or make demands on the owner  as to its use.

Why do you need Title Insurance?

Title  insurance issued by Tropical Shells Title and Old Republic National  Title Insurance Company provides a broad range of benefits to the  parties involved in a real estate transaction.

As the purchaser  of real estate you need protection against serious financial loss due to  a defect in the title to the property purchased. A buyer can receive  the protection of a title insurance policy – a policy that is backed by  the reserves and solvency of the company. A title insurance policy will  cover both claims arising out of title problems that could have been  discovered in the public records, and those so-called "non-record"  defects that could not be discovered in the record, even with the most  complete search.

A title insurance policy will not only protect  you, but also your heirs for as long as they hold title to the property,  and even after they sell by warranty deed. The company will not only  satisfy any valid claim made against the insured’s title, but it will  pay for the costs and legal expenses of defending against a title claim  up to the value of your policy.

What can make a Title Defective?

Any  number of problems that remain undisclosed after even the most  meticulous search of public records can make a title defective. These  hidden "defects" are dangerous indeed because you may not learn of them  for many months or years. Yet they could force you to spend substantial  sums on a legal defense, and still result in the loss of your property.

 How much does Title Insurance cost?

The  one-time premium is directly related to the value of your home.  Typically, it is less expensive than your annual auto insurance. It is a  one-time only expense, paid when you purchase your home. Yet it  continues to provide complete coverage for as long as you or your heirs  own the property.