What is Title Insurance

Welcome To Pioneer Title Company of Bannock County

"Your Local Resource for Title and Escrow Needs!"

What is Title Insurance?

Title insurance is a contract to protect an owner against losses arising through defects in the title to real estate owned. If the title is insurable, the company guarantees the owner against loss due to any defect in title or expenses in legal defense of the title pursuant to the terms of the policy.

What can make a Title defective?

There are many possible causes of title defects that no examination can disclose. That is because they have never been recorded and thus do not appear in the abstract. A title insurance policy protects the owner against all these hidden risks; those listed below and many more:

Fraud. False claims of ownership, forged deeds, wills, signatures, conveyances, instruments, false representations, false records of all sorts, illegal acts of trustees, guardians, administrators, and attorneys.

Human error. Errors in copying, indexing, recording; errors by adminstrators, executors, trustees, guardians and attorneys; destruction of records.

Improper deeds and wills. Deeds by persons of unsound mind, minors; deeds delivered after death or without the grantor's consent; invalid, suppressed erroneous wills, missing heirs, unsettled estates.

Liens and other rights. Liens for unpaid estate, inheritance, income, property and gift taxes; homestead rights, community property rights; irregular court proceedings, court opinion reversals, lack of court jurisdiction; defective foreclosures.

Why buy Title Insurance?

When a person buys a car or consumer goods, they seldom need to know whether the former owner is married, single or divorced; whether they have paid their taxes or are involved in a lawsuit. But when a person buys a home it is necessary to have all that information and much more. For while he or she may own the property, others may also have rights in the same real estate.

What does Title Insurance Cost?

The cost is directly related to the value of the property. The higher the value, the more coverage is needed. The premium is small compared to the total purchase price. The premium is paid only once and remains in force for as long as the property is owned by the insured and continues to protect the insured on warranties after it is sold.

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