Weeks & Irvine LLC

You should purchase your policy from a licensed title insurance company that operates in your specific state. Our real estate lawyers can inform you of title insurance options in Charleston.

Title insurance continues to cover you and your heirs as long as you hold an ownership interest in the property.

Title insurance costs less than most people imagine, and the costs differ depending on the property location. Coverage generally involves a one-time payment that is one percent or less of the property’s value.

There are two different types of title insurance policies – one to cover the lender and one to cover the property owner. A lender will have coverage to protect their interest in the property as collateral for the mortgage. The owner’s policy directly protects them from claims against their investment.

The builder’s policy does not provide protection for you, and also events can happen since the builder purchased a policy that can result in judgments, liens, and unpaid taxes. If these are not disclosed, you can face losses if you do not have your own coverage.

Some property owners will assure you they conducted a title search a short time ago, and the title was clean. However, an owner can take several actions in a few months that result in encumbrances on the title. It is always important to conduct your own title search regarding the present state of the property title.

An abstract is a public record showing title history, but these do not always inform you of all possible title defects or restrictions. Again, these might be hidden issues due to errors or adverse actions by current or prior owners. Even the most diligent examination of a thorough abstract cannot guarantee that issues will not arise in the future.

A deed is not necessarily proof of ownership. A deed demonstrates that ownership was transferred, but this document will not show whether others have interests in the property, or if there are claims or liens outstanding against the title.