Lakeside Title Inc.
Information courtesy of Westcor.
The Hidden Problems
The best title search, performed by the most experienced and capable experts, can't catch all title hazards. Some problems just aren't revealed in public records. Years ago,there may have been an honest mistake in determining the status of title. Or today, a previously unknown heir may come forward to claim ownership of a deceased relative's property. There might even have been a forged deed that impairs the ownership of the property.
To help protect you in these events, the company issues an Owner's Policy that insures you against most of these unforeseen problems. So,, title insurance companies not only help to remove the flaws that show, they also insure against those that don't.
It Reduces Your Risk.
When the title company finds title issues, it then works to remedy any problems that could keep you from having "clear" title. For example, a previous owner may have had minor construction done to the home, but never fully paid the contractor performing the work. Title company experts identify this unpaid bill so that it can be resolved by the previous owner before you take ownership. If it isn't, you might very well be responsible for this payment as the new owner!
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