|What is Title
The basic definition of title insurance
is that it is a policy of indemnity issued by a title
insurance underwriter or its agent that insures a buyer
or lender against monetary loss or damage due to errors
in the title as described in the policy and undeterminable
facts that affect title such as fraud, forgery, unrecorded
documents, unknown heirs, and many other factors.
Do you need title insurance for
your transaction? The short answer is yes. If you obtain
a loan through a standard, institutional lender, the
lender will require that you buy “lenders title
insurance.” That policy is issued to the lender
to insure that the lender has a valid, enforceable lien
to secure its mortgage deed of trust on the property.
That policy does not cover your interest. Buying a home
is typically the largest single investment for an individual.
It is important that you have adequate insurance coverage
to protect your investment as well.
Upon receiving a contract for the
purchase of a home, Coleman & Coleman, PLC will
order an initial title examination of the court records,
review the results of the search, and obtain a title
commitment on your behalf. We will work diligently and
effectively to clear any possible title defects that
may exist prior to the purchase of the home.
(Coleman & Coleman, PLC has
an affiliated business relationship with Cool
Breeze Title, LLC. Cool Breeze Title, LLC is an
agent of Lawyers Title Insurance Corporation.)