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Title insurance
will pay for defending against any lawsuit attacking the title as insured,
and will either clear up title problems or pay the insured's losses. For a
one-time premium, an owner's title insurance policy remains in effect as
long as the insured, or the insured's heirs, retain an interest in the
property, or have any obligations under a warranty in any conveyance of
it. Owner's title insurance, issued simultaneously with a loan policy, is
the best title insurance value a property owner can get.
Here are just a few of the most common
hidden risks that can cause loss of title or create an encumbrance on
title:
- False impersonation of the true owner of
the property
- Forged deeds, releases or wills
- Undisclosed or missing heirs
- Instruments executed under invalid or
expired power of attorney
- Mistakes in recording legal documents
- Misinterpretations of wills
- Deeds by persons of unsound mind
- Deeds by minors
- Deeds by persons supposedly single, but
in fact married
- Liens for unpaid estate, inheritance,
income or gift taxes
- Fraud
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