Dyer Land Title provides title insurance policies to meet our customers’ needs.
What is Title Insurance?
The primary purpose of title insurance is to eliminate risks and prevent losses caused by defects in the title that arise out of events that have happened in the past. This is different from other forms of insurance which assume the risks that arise out of unforeseen future events. In order to achieve the goals associated with title insurance, we perform an exhaustive search of public records to determine whether any adverse claims to the subject real estate may exist.
Your home may be new, but every property has a history, and there may be hidden issues in the chain of title which could affect your ownership. These potential issues may include the following:
- Errors in Public Records
- Unknown Liens
- Illegal Deeds
- Missing Heirs
- Undisclosed Encumbrances
- Boundary / Survey Disputes
- Undisclosed Wills
- False Impersonation of a Previous Owner
A title insurance policy protects your investment and a title insurance company will, at its own expense, defend the title to covered property and pay the losses within the coverage of the policy, should they occur.
Title Search Vs Title Insurance
What is the difference?
Once a title search is conducted a title insurance underwriter then uses the information contained in an abstract of title, in conjunction with other information, to underwrite title insurance on the property and assume the risk of any undiscovered defects in title to the property.
If there are known defects in the title to the property that are uncovered in a title search, the title insurance underwriter will take exception to those known defects in title. These exceptions are then excluded from coverage.
Comparatively, it would be like trying to obtain flood insurance on a house currently flooded or fire insurance on a house already on fire.