|What is Title Insurance?|
What Is It?
A Title Insurance Policy insures that a new property owner will receive a title for the property that is free and clear of any unknown encumbrances, and that the owner has marketable title from the seller. The Policy also insures that the new owner will stand protected from loss or damage as a result of title defects per the terms and conditions of the Policy. Some possible encumbrances include protection from forged documents, mistakes in public records, fraud, and incorrect property descriptions. Ohio Title Corporation will perform a thorough search of the public records to reveal possible liens, claims, or other claims against the property.
The Owner’s Policy
An Owner's Policy is issued to the new owner of real estate, insuring the property free from title defects and that title is marketable per the terms and conditions of the Policy.
2006 ALTA Owner's Policy
1998 ALTA Homeowners Policy
For a comparison of these two policies click here
The Lender’s Policy
The Lender’s Policy is issued to the lender upon filing of a mortgage creating an insurable interest in the subject property. This policy insures the lender that it has the first and best lien on the property per the terms and conditions of the Policy.
2006 ALTA Loan Policy