“Why do I need owner’s title insurance if the attorney has examined the land records?”
The Closing Attorney obtains an examination of the history of the property for the last forty years. The history report shows all recorded instruments affecting the title of the property such as deeds, liens, affidavits, and releases of debt. The attorney’s examination, therefore, is limited to what is discovered from the title examination.
Unfortunately, however, no examination of the title, no matter how complete or how expertly accomplished, can protect a purchaser against hidden defects. Common “hidden defects” include:
The cost of the policy is a one-time fee and is in effect for the period of your ownership for as long as you live.
Bagwell & Corley Law Firm, PC has attorneys on staff who are approved attorneys for: Commonwealth Land Title Insurance Company