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Title Insurance Questions

Title insurance is used as a way to protect the policy holder from damages or liabilities from problems resulting from the property title. Title insurance offers protection from future claims from past title holders of the property. This includes defects in the title or liens attached to the title. The insurance also protects the owner from lawsuits pertaining to the title and will repay any loss of money by the insured up to the amount of the policy. To learn more about title insurance you can take a look at the title insurance questions below that have been answered by Experts.

My title insurance company has denied a claim to cover the removal cost for an abandoned septic tank that was undisclosed at the time of my purchase. Shouldn't the title company be responsible?

If the title company knew about the septic tank when the title was recorded but failed to notify you, you may be able to get the title company to pay for the removal. However, since the septic tank isn't threatening to take your ownership away or injure the property title, the title company probably wouldn't be responsible for removing the septic tank.

You may want to speak with an attorney about any possible claim that you could place on the past owner. Fraud and misrepresentation by not divulging the tank was on the property may be grounds for a claim. While you may have a chance of filing a claim against the past owner, you probably won't have any luck collecting from your title insurance company.

What's the difference between ALTA title insurance and TIRSA TOEPP?

ALTA title insurance policies tend to cater more towards the lender while the TIRSA TOEPP is more geared towards the property buyer. The TIRSA offers extended protection to the person who plans to buy a home or lot with the intentions of building at a later date. These policies generally increase in amount as the policy matures and also offer protection from building and zoning claims.

The ALTA policy provides the lender with added protections such as property loss or damages for the amount of the policy including attorneys and other costs. Other protections include title mistakes, future liens, lack of land easements, old liens on the property, and ensuring the lenders lien takes priority over other liens within legal reasoning.

We recently placed a claim on our title insurance and was denied because the date of the survey we submitted was after the date of the policy and because of an Survey Exception in our policy. Is this reasonable?

When an insurance company fails to cover a valid claim, the policy holder has the option to sue the title company and force them to pay. This is an option if you in fact have a valid claim and the title company is refusing to cover it. However4, if the title insurance policy has a Survey Exception that literally states" In the event that you fail to figure out there is an issue with the survey but fail correct it, there really doesn't seem to be anything that you can do. When you purchase insurance, you pay the premiums on the policy and the insurance company is supposed to provide insurance coverage. If the claim is valid, then you may want to consider suing the title company and make them honor the claim.

Do I need Owner's Title insurance and how much should I expect to pay if I get it?

Generally, title insurance is always a safeguard from title problems down the road. While you will be required to pay for a lender's policy, the small additional cost for the title insurance will be well worth the investment. The title insurance policy will cover the entire purchase price of your home. This means if for some reason the title is voided later on, the policy will cover the purchase price plus the remaining amount of the loan to the lender. As for the cost, you can ask for prices at the title company.

When many people buy homes, they are usually unaware of what title insurance can provide for them. Not all insurance policies are created equally so one should do their research before buying just any policy. Before you sign up for the first insurance policy you come across, you should ask an Expert for assistance in finding the best title insurance for your specific needs.
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