Title Insurance Illinois – You Need to Know This When You Buy a House!
Title Insurance Illinois: Having your own house is a dream come true for many people, especially in the USA. Whether you are planning on buying or selling a house or a property, the following information is a must know for you.
What is Title Insurance Springfield?
To understand the concept, we need to see what it is made of:
The word “Title” is in fact a legal term which indicates that you are the owner of a property. In other terms, if you have a “title” it means you have legal ownership over a property. This title company Illinois is registered in the Government’s land registration system and you receive it the moment the owner signs a deed and transfers property ownership to you.
Title Insurance Springfield, according to fsco.gov.on.ca, is a policy that, “protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership”.
What does Title Insurance Decatur cover?
While it is not compulsory in all US states (in Ontario, for example, it is not required by law), some people from Christian County, Decatur, Illinois, Montgomery County, Shelby County
Springfield, Taylorville choose to create a title insurance Decatur after they discuss the matter with their lawyers.
This insurance covers:
– Protection against title fraud
– Errors in surveys and public records
– Protection against unknown title defects
What DOESN’T it cover?
– Known title defects
– Native land claims
– Environmental hazards
– Unrecorded liens and encroachments
Other exceptions might also be included in the insurance, but these are all specific to your property. Therefore, it is highly important that you are aware of these exclusions.
Another aspect of title insurance is that it does NOT replace home insurance. Therefore, it does NOT cover for non-title related issues such as flooding, fire, general home wear, theft, or other losses.