A service known as a Commitment Title Search is critical in determining the status of a property title. It involves a thorough investigation through the history of the property and describes the condition and quality of the title to the real property you are buying . The result of a Commitment Title Search is a detailed report as to any encumbrances that may prevent you from obtaining a clean title and a list of all requirements that must be met for the title insurance policy to be issued.
Owner’s Coverage – Owner’s Title Insurance protection is a permanent assurance to you and your heirs that your ownership and use will be defended promptly against claims, whether the claim is valid or not.
Lender’s Coverage – If a mortgage is to be placed on your new home, the Mortgage Lender will require that you purchase title insurance to protect the institution’s position as a holder of a mortgage loan. However, the Lender’s Title Insurance policy doesn’t protect you, the Homeowner. You need Owner’s Title Insurance to protect your investment.