Oklahoma Title
and Closing Company, Inc.
and Closing Company, Inc.
What is title insurance?
Title insurance is a policy that provides protection against serious financial loss due to a defect in the title to the property purchased.
Tile insurance covers both claims arising out of title problems that should have been discovered in the public records, and those hidden defects that could not be discovered in the record, even with the most complete examination. The policy covers any valid claim made against the insured’s title, and pays for the costs and legal expenses of defending against a title claim.
Why do I need title insurance?
When you purchase your home, how can you be sure that there are no problems with the home's title and that the seller really owns the property? Problems with the title can limit your use and enjoyment of the property, as well as bring financial loss.
What danger of loss can I face?
What if something comes up regarding past ownership of the property? The title insurance company would only defend and protect the interest of the lender. The owner/borrower would have to assume the financial burden of the legal defense. If the legal defense is not successful, the result could be a complete loss of title.
What does title insurance protect against?
Title insurance is protection against loss arising from problems connected to the title to your property.
How much does title insurance cost?
As a general rule, the title insurance industry estimates an average cost of $3.50 per $1,000 for owner's title insurance and $2.50 per $1,000 for the lender's policy. However, these figures should only be used as benchmarks for comparison because the actual costs of both lender's and owner's title policies depend on the local marketplace.
Title Insurance
