Title Insurance Title insurance is important to protect the equity of your home when you buy. In South Carolina, the closing attorney will offer a policy to you. You real estate agent does not earn any commission from this. What does it do for you? It protects your ownership right to your home both from fraudulent claims against your ownership such as: False impersonation of the true owner of the property Forged deeds, releases or wills Inaccurate property description Name spellings errors Mistakes from earlier sales Undisclosed or missing heirs Instruments executed under invalid or expired power of attorney Mistakes in recording legal documents Misinterpretations of wills Deeds by persons of unsound mind Deeds by minors Deeds by persons supposedly single, but in fact married Liens for unpaid estate, inheritance, income or gift taxesFraud
In South Carolina, there was a recent case involving Native American Catawba land where property owners with title insurance were protected. It’s a one-time cost usually based on the price of the property and it’s usually paid for by the buyers in South Carolina. There are both lender title policies, which protect the lender and owner title policies, which protect you. The lender will require a lender policy. Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Title insurance will pay for defending against any lawsuit attacking the title as insured, and will either clear up title problems or pay the insured's losses. Get it. It's important.
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