Business, Legal & Accounting Glossary
Insurance issued by a title company that protects a property owner against loss if it is later discovered that title is imperfect.
Title insurance insures against unknown claims against real estate property. The insurance may be required by a mortgage lender.
The classical example of an unknown claim is the long lost heir to a previous owner who claims not to have received his share of inherited real estate. But boundary disputes, old Indian treaties, easements for other uses, or the sale of water rights or mineral rights can also come into play.
Title
Real estate transaction
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This glossary post was last updated: 28th November, 2021 | 0 Views.