What is Title Insurance?
There are two types of title insurance that are most commonly issued in a residential
transaction:
A lender´s title insurance policy
insures the lender´s interest in your property against losses arising from title defects. It protects the outstanding
balance of the mortgage. A lender will require that you purchase a lender´s title policy in order to secure your mortgage.
An owner´s title insurance policy protects the interest
of the homeowner. This policy will protect your interest and will cover your loss arising from a valid claim up to the face
amount of the policy.
Benefits — Edina Title
Homeowner´s Title Policy
- Protection
for as long as you or your heirs own the property
- Coverage
that insures the future as well as the past
- Inflation coverage
of up to 150% of the policy amount
Simplified
List of Covered Risks
- Claims by someone who
has a hidden interest in your property
- Documents which are
not signed, acknowledged, delivered or recorded properly
- Forgery,
fraud, duress, incompetence, incapacity or impersonation
- Claims
arising from undisclosed easements or boundary line disputes
- Unmarketable
title, which allows someone else to refuse to perform on a contract to purchase, lease or make a mortgage loan
- Liens recorded against the property during previous ownership
- Delinquent water bills during previous ownership
Not all title insurance
policies are the same. Edina Title delivers the most complete insurance coverage available today.
Whether you are refinancing a current home or purchasing a new home, pricing information is available on title insurance
coverage — you will need to provide the dollar amount of all mortgages to be insured and a sale price of the property
being purchased.
