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Types of Title Insurance Policies

You will find that the types of policies of title insurance that exist are practically the same for lenders, owners and for construction loans. However, each one has different aspects and characteristics that you should know in order to be well informed at the moment of protecting your possessions. In the case of owner’s policy, the purchaser will be insured that the title to its property is free from encumbrances and liens, not including those which are registered as exceptions in the policy. So, it will cover damages and losses when problems happen. For instance, if the title cannot be sold and transferred to another party or if a concern in the property is discovered to belong to someone else.

It is recommendable that consumers find out the value of title insurance previous to signing a real state agreement. The best you can do is to get detailed information from a broker, attorney, escrow officer or loan officer. This will help you clarify any possible doubts you have about this insurance and its benefits. On the other hand, the lender’s policy consists of protecting the lender from the sum of money lent against the property. This type of policy insures the enforceability and validity of the lien of the lender’s credit and goes separate from the owner’s policy.

Finally, the construction loan policy varies depending on the state in which you would like title insurance. Another important aspect you must recognize if you want trade properties is the American Land Title Association (ALTA). This is the most important national trade association of title insurers in the United States. You will find a lot of information mainly related to title insurance policy terms and conditions and other basic information.

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