Weinberger Law

What is the role of title insurance in real estate transactions?

Closing on the purchase of a piece of property, whether here in Scottsdale or elsewhere, requires the completion of numerous steps. Some of those steps include making sure that no title defects exist and that the legal description of the property is accurate and conforms to what the person is buying. Answering these questions, and others, requires a review of the real estate records associated with the property. If something is amiss, then there is work to be done in order to make sure that everything is corrected prior to closing.

Even with diligence, it is possible to miss something. After the closing is complete and the buyer takes possession of the land, the possibility exists that another person could come forward and make a claim to the property. If this happens, litigation may be required in order to resolve the matter. However, in most cases, the parties attempt to handle the problem before that becomes necessary.

Title insurance protects the buyer -- and the lender in a separate policy -- against these types of occurrences. For this reason, title companies make a diligent effort to learn all they can about the history of the property. If that search is not done correctly, or an error in the records makes it difficult to locate a piece of information, title insurance should cover the costs associated with fixing the problem.

As with most other insurance policies, the hope is that a buyer will never need to make a claim against his or her title insurance policy. Regardless, it represents an important part of real estate transactions. In order to better understand how it protects Scottsdale property purchasers, what it covers and how to make a claim if necessary, it would be beneficial to discuss it with an attorney.

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