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Title Insurance Guide: What You Need to Know

Commercial & Residential Title Insurance Guide


What is Title Insurance?


Title insurance is a type of insurance designed to protect both the purchaser & lender when purchasing a home or property. For most people in America, purchasing a home is the largest purchase we will make in our lives. With this, comes the need to ensure the purchase will go smoothly and the seller isn’t hiding anything unsavory throughout the transaction process.


In most situations, title insurance covers the lender & buyer against the possibility that the seller doesn’t actually have the full right to sell the property. While each situation is unique, title insurance covers the loss for both you & your lender if any title ownership problems occur.


Part of the service of purchasing title insurance is the title insurance company will search many different public records to ensure there are no problems with the owner’s or property’s history. Even if not realized at the time of closing, purchasing title insurance will cover problems discovering at a later date. These types of policies take place on the day of ownership and cover you throughout the time you maintain ownership of the property.  


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Why Do I Need Title Insurance?


In Illinois, if you are borrowing money from a bank to purchase a home or piece of property, your lender will require you to purchase title insurance. Beyond this, you will want to have it because it is a safeguard against a complicated history of the property that could cause you to lose ownership.


You do not want to lose ownership of your biggest asset because someone two owners & 17 years ago didn’t pay a debt in full or still legally has an ownership stake in the property. At the closing table of any real estate transaction, you want to make sure there are no difficulties that will present themselves at any point while you own the property or when you try to sell it in the future. 


Table of Contents


What is Title Insurance & Why Do I Need it?

What Does it Mean if My Property Has a Lien Against it?

The 2 Types of Title Insurance: Lender vs. Owner

What Exactly Does Title Insurance Cover?

How Much Does Title Insurance Cost?

How is Title Insurance Different From Other Types of Insurance?

Title Insurance FAQ's

What to Expect at Closing


Brought to you by: 

Patrick J. O'Rourke - Attorney at Law

(309) 585-0714

The Best Real Estate Attorney in Bloomington-Normal, Champaign-Urbana, Peoria, Springfield, and Central Illinois



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