With all the excitement that comes with purchasing a new home, it is important to protect that investment, and a key way to do this is by purchasing title insurance. When you purchase a property, the seller will transfer the title to you. Title refers to your legal ownership right to the property and the title should be “free and clear” of any issues. To ensure it is, title insurance can protect your ownership rights against any defects in title. A qualified Illinois real estate attorney can assist you with the process of getting title insurance.
What Is Title Insurance?
During a home purchase, a title company will run a search of the property’s title history to ensure that there are no issues such as unsolved liens, undisclosed easements giving access to the property, errors in the public records, fraudulent ownership claims, or undisclosed heirs. Yet even after a title search is complete, issues may come up in the future. Title insurance provides you with legal and financial protections in the event there are defects in title.