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.