A shield of Protection that provides peace of mind.
At Chicago Title, we understand that being able to complete your real estate transactions quickly and smoothly is a priority. Regardless of the due diligence conducted, there are significant risks that cannot be completely mitigated. A Residential title insurance policy from Chicago Title streamlines real estate and mortgage transactions and provides comprehensive protection for all the parties involved in the transaction. Property Ownership is a significant investment so let Chicago Title help you safeguard those investments providing you with peace of mind that all your real estate transactions will be completed quickly and issue free.
What is Title Insurance
Residential Title Insurance provides coverage for 1-6 family units.
- It is a contract of insurance between the insured and the title insurance company, entered into to indemnify loss or damage resulting from defects or problems relating to the ownership of real property, or from the enforcement of liens that exist against it.
- In return for payment of a one-time premium, the title insurance company agrees to defend the insured from future losses arising because of defects or events that occurred prior to the time the policy was issued.
- The amount of coverage is based on the face value of the policy and may increase according to the terms of the policy.
- Duty to Defend – The Duty to Defend goes beyond the indemnification of the insured when a claim is presented. As the title insurer, we are responsible for any costs, legal and/or notarial fees, and expenses incurred in the defense of an insured risk, including the title itself or the charge against the title
- No Fault Coverage – The Insured is indemnified for losses by the Company regardless of fault in the incident generating losses. By proving their loss, the insured may present a valid claim.
Reasons to Purchase Title Insurance
- Low one time premium
- Eliminates the need for costly off title searches
- Eliminates the need for an up to date Survey/RPR in most circumstances – Title insurance is acceptable to lenders in lieu of their survey / real property report requirements. Available faster and generally less expensive than a new survey, title insurance is becoming the solution of choice for satisfying this lending condition
- Insures over many known defects – Certain defects such as encroachments shown on surveys or prior undischarged mortgages registered against title may be covered by title insurance. These are underwritten on a case-by-case basis. If it is determined that title insurance is available to cover loss from the defect, the transaction can close smoothly and on time
- Remains in force as long as you own your property and can be transferred to a beneficiary in your estate
- Coverage for non-compliance with zoning by-laws and errors in public records
- Coverage for the failure to have obtained a building permit is standard
- 200% inflationary coverage
- Gap Coverage – Allows transactions to close before documents are fully registered at the Land Title Office. By insuring against loss from other interests that may be registered against title before full registration occurs, title insurance provides smooth closings even for last minute transactions
- Duty to defend – an important component of EVERY title insurance policy issued
- Someone refinances a property by forging a signature and using false identification. Funds are taken and the homeowner is left to sort out the repayment of the fraudulent mortgage with the lender.
- Someone transfers title out of the homeowner’s name and mortgages the property without their knowledge. The homeowner must now absorb the financial and emotional distress associated with reclaiming their property.
- The effects of title fraud are serious and lasting. The cost to correct or reclaim title can amount to thousands of dollars in legal fees.
- For a low, one-time premium, a title insurance policy protects the homeowner from fraud and it covers the legal or notarial fees incurred to defend their title if their ownership is challenged.
Key advantages that Chicago Title offers your clients:
- Many homeowners are familiar with title insurance but may be uncertain of the importance of this type of protection.
o The security of any investment is of the utmost importance and title insurance is a shield of protection that will give peace of mind. A title insurance policy from Chicago Title is backed by an industry leader with the strongest financial strength in the industry.
- Title insurance serves many purposes such as; protecting against title defects or encumbrances that were unknown and undiscovered at the time of closing reducing the risk of title fraud protection against identity theft and mortgage fraud
- In recent years, title fraud, identity theft and mortgage fraud have been on the rise and have become a significant concern. Instances of title fraud are far more common than you would think.
- The effects of title fraud are serious and lasting. The cost to correct or reclaim your title can amount to thousands of dollars in legal fees and cause signifi¬cant ¬Financial and emotional strain for years.
- Title insurance is available when purchasing a new home, a resale home or at any time during the ownership of a property to safeguard your home.
- Reduction of closing costs
- Quicker closings
Our Residential Title Insurance Solutions
For a low, one-time premium, an Owner’s Title Insurance Policy provides protection for both new and existing homeowners against real estate fraud and title defects. The policy remains in effect for as long as one retains an interest in the land, offering you comfort that title is protected now and for years to come.
For a low, one-time premium, an Lender’s Title Insurance Policy provides protection for lenders against real estate fraud and title defects. The policy remains in effect for as long as mortgage is registered on Title.
How to Order