Real Estate Word of the Day: Title Insurance
Title insurance is a specialized form of indemnity insurance designed to protect property owners and lenders from potential losses arising from defects in the title to a property. Unlike other insurance types, which protect against future events, title insurance protects against claims for past occurrences. This includes any discrepancies or issues with the property's title that may not have been discovered during the initial title search.
When you purchase a property, a title company conducts a thorough search of public records to uncover any potential issues with the title. This search aims to ensure that the seller has a valid title to transfer and that there are no hidden liens, encumbrances, or other defects that could affect ownership. Despite these efforts, some issues might still go unnoticed, and this is where title insurance steps in.
Looking to buy or sell your home on Staten Island? For all your real estate needs, look no further than Tom Crimmins Realty! Give us a call at (718) 370-3200, and we can provide you with professionally-trained agents who are flexible to all that you’re looking for!
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