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Q. Why is title insurance necessary and why do so many banks and lenders require it?

A. Title insurance is very much misunderstood and probably one of the most complained about types of insurance. There are so many reasons a title should be researched for protection of the parties in a real estate transaction. Owner's title insurance generally pays for the defense of your title against the following (partial list) types of claims and will protect you against hidden risks:

1. Types of forgery;
2. Types of fraud concerning the execution of documents;
3. False impersonation by those purporting to be owners of the property;
4. Undue influence on a grantor or executor;
5. Marital status incorrectly represented;
6. Missing or undisclosed hiers;
7. Last will and testament improperly probated;
8. Fraudulent or mistaken interpretation of wills and trusts;
9. Conveyance by a mental incompetent;
10. Conveyance by a minor;
11. Subsequent heirs to an estate;
12. Improper or inadequate surveys;
13. Improper, incorrect or misleading legal desciptions;
14. No-delivery of deeds;
15. Claims of unsatisfied claims or invoices not shown on the public records;
16. Deeds executed under expired or fraudulent powers of attorney;
17. Claims due to mistaken or similiar names;
18. Claims due to because of dower or curtesy rights of ex-spouses;
19. Deliverance of deeds after the death of a grantor;
20. Clerical errors and improper or incorrect indexing.

Of course, title insurance gives you the knowledge of unsatified mortgages, liens, judgments or other recorded claims against the property. Title polices also advice about easements, restrictions and other existing covenants. Banks and lenders require title insurance because they want to be equally protected and make sure that the money loaned to a buyer is being loaned for a good, sound investment and that the buyer will not have incentives to walk away from the property because of unknown problems at the time of sale.