Title Insurance Services in East TN
Title Insurance in Morristown, TN
Lakeway Title Services provides owners and lenders title insurance. If you have any questions about title insurance, what it is or how it works, please schedule a consultation with us.
About Title Insurance
Title insurance protects lenders and homeowners against big losses that could be caused by a piece of real estate. Title insurance can be confusing and hard to understand for consumers, but if you know the basic reasons and terms, it will be easier to understand.
Who does Title insurance protect?
Title policies protect owners and lenders from possible losses caused by claims against the ownership of real property. The preliminary title report or commitment tells you ahead of time about things that need to be taken care of before or at closing, as well as things that won’t be covered, like mortgages, judgments, or other liens. This gives lenders and owners a chance to fix flaws in the title and find out about restrictions and exceptions before closing.
Title commitments show what a title agent needs to do to insure each transaction, and in the end, title policies are written and given out based on a title search and an examination of public records, which can sometimes include court records. Buyers should know that just because someone has a deed to a property does not mean that they are the real owner or the only owner with the right to sell the property. Only title insurance can protect your interest in the property from unknown liens, legal conflicts, and unanticipated claims.
A title insurance policy is like other kinds of insurance that protect you from getting hurt. Depending on the actual insurance coverage and the terms and conditions of your policy, your insurer will defend your insured title in court if it is challenged. They will also pay you back if you lose money because of defects in your ownership rights that are covered by the policy.
It is important to remember that a lender’s title policy does not cover title risks for a borrower. An Owner’s Title Policy must be bought by a Buyer/Owner to protect them. An Owner’s Title policy, unlike auto and homeowner’s insurance, only needs to be bought once for each new property owner, not every year.