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title insurance
noun
insurance protecting the owner or mortgagee of real estate from lawsuits or claims arising from a defective title.
Example Sentences
Typical loan closing costs when completing a home purchase — for items like loan origination fees, discount points, appraisal and credit report fees, and lender title insurance — rose almost 22 percent from 2021 to 2022, according to a report that the Consumer Financial Protection Bureau highlighted in a blog post last week.
Establishing financial interest in real property these days will invariably require a title insurance policy; this is what is known as clear and marketable title, meaning that an insurance company has evaluated the chain of title and has determined that it will protect the interests of the insured in case any claims of ownership arise.
In other cases, a title insurance agent may ask a heir to quitclaim if she does not want to hold interest in a home bequeathed to her.
For this part of the deed, it is necessary to use the type of description a surveyor or title insurance company would use.
It is basically used to transfer property and doesn’t include any protection from a title insurance company.
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