Title insurance is not understood as well as other types of insurance, but it is just as important. When purchasing real property, instead of purchasing the actual building or land, a client is actually purchasing the title to the property—the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your client’s use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of hazards and defects that already exist in the title and is purchased with a one-time premium.
Real estate attorneys utilize title insurance to protect clients against hidden title hazards that may threaten their financial investment in real property. Title insurance companies also act as intermediaries between sellers and purchasers in real estate transactions. To assist attorneys with such transactions, real estate paralegals must understand what title insurance is, what coverages offered by title insurance companies provide their client with the best protection, be able to review commitments for title insurance and the underlying documents thereto, and work with title companies to clear issues for closing.
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