Hi - This is my first post -
I am buying a home in the fairfield county and looking to see what would be a good title insurance company to go with.
Also what are ur thoughs on the Owners Title Insurance ?
The lender will require tittle insurance payable to THEM for the mortgage balance.
If you want to protect your down payment you get an owner's policy, preferably with an 'increase in value clause' to protect you when the value of the property increases above the original purchase price.
Title insurance is issued in conjunction with a title search .
There may not be more than a couple options in any area, and few attorneys offer more than one company.
what state are you in?
The state is CT.
Why would one want to limit oneself to vendors that only a attorney offers?
How would you compare title insurance policy from different vendors that the attorney offers?
brickeye: "..preferably with an 'increase in value clause' to protect you when the value of the property increases above the original purchase price.."
Thanks! Any other clause to look for? Anything that would protect from future or past of the property if something unanticipated happened a few years from now?
It depends on how title insurance is sold in your state.
In some states title insurance is only sold through attorneys since they perform the title search.
In other states there are settlement providers that perform the search and sell the insurance.
Whomever sells the insurance wants to know that the title has been thoroughly and correctly searched.
Title insurance is designed to protect against defects in the chain of title that could NOT be found out by inspecting the chain.
Forged signatures are one common issue. There is no way to tell from a title search that a signature on a document is forged.
Encroachments on to the property are usually only covered IF a survey was performed at the time of purchase.
The title policy will list any items found during the search and NOT cover them.
There may be an easement on the property for overhead lines to an adjacent house, or even a driveway that is over a boundary.
Since you have been put on notice about these items, you cannot later make a claim for them.