21 Reasons You Need Title Insurance

A fire destroys only the house and improvements. The ground is left. A defective title may take away not only the house, but also the land on which it stands. Title insurance protects you — as specified in the policy — against such loss. Over the last 24 years, title insurance claims have risen dramatically. Here are 21 real scenarios where clients are glad they had the protection offered by their policy.

1. A deed or mortgage in the chain of title may be a forgery. 2. A deed or mortgage may have been signed by a person under age. 3. A deed or mortgage may have been made by a person deemed incompetent. 4. A deed or mortgage may have been made under a power of attorney after its termination — making it void. 5. A deed or mortgage may have been made by a person other than the owner, but with the same name as the owner.

6. The testator of a will might have had a child born after the execution of the will, entitling the child to claim their share of the property. 7. A deed or mortgage may have been procured by fraud or duress. 8. Title transferred by an heir may be subject to a federal estate tax lien. 9. An heir or other person presumed dead may appear and recover the property or an interest in it. 10. A judgment or levy upon which the title is dependent may be voidable due to a defect in the proceeding.

11. Title insurance covers attorneys' fees and court costs. 12. Title insurance helps speed negotiations when you're ready to sell or obtain a loan. 13. By insuring the title, you can eliminate delays and technicalities when passing your title to someone else. 14. Title insurance reimburses you for the amount of your covered losses. 15. A deed or mortgage may be voidable because it was signed while the grantor was in bankruptcy.

16. Each title insurance policy is paid up, in full, by the first premium — for as long as you or your heirs own the property. 17. There may be a defect in the recording of a document upon which your title is dependent. 18. Claims constantly arise due to marital status and validity of divorces — only title insurance protects against claims made by nonexistent or divorced spouses. 19. Many lawyers, in giving an opinion on a title, protect their clients as well as themselves by procuring title insurance. 20. Over the last 24 years, claims have risen dramatically — title insurance is more important now than ever.

21. Every owner, purchaser, and beneficiary — whether by deed or contract — should have an insured title. The entire investment depends upon the quality of title. If you are buying real estate, you are paying for a good title and you should see that you have one. If either fire insurance or title insurance is omitted, your security is not complete.

Team Goeglein at Fidelity National Title has issued title insurance on over 30,000 transactions across the South Bay and Westside LA. Matt Goeglein and Xavier de la Piedra IV ensure every policy is backed by thorough title examination and the full resources of Fidelity National Title.