Real estate news on Title insurance will make property transactions more transparent

Property insurance
Posted on Aug 06, 2011
Any residential property, even with all legal safeguards apparently in place, is ultimately built on land. One cannot automatically assume that this land did not have previous owners. While title insurance does not correct any title faults and past claims, it helps cover litigation cost to mitigate further loss in the case of property transactions where the sanctity of the title comes into question. In other words it offers protection against loss arising from such legal proceedings - a shield that protects the owner as long as he or his heirs remain in ownership.

The concept of title insurance was first introduced in the United States, in response to the confusions that prevailed in a conveyancing system based on
registration of deeds instead of property titles. It was felt that the availability of an insurance policy was a good means to assure the credibility and
legality of a property's title.

Source: http://articles.economictimes.indiatimes.com/2011-08-05/news/29855307_1_title-insurance-land-legal-sanctity
Share on:
Reviews