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What is Title Insurance?

The basic definition of title insurance is that it is a policy of indemnity issued by a title insurance underwriter or its agent that insures a buyer or lender against monetary loss or damage due to errors in the title as described in the policy and undeterminable facts that affect title such as fraud, forgery, unrecorded documents, unknown heirs, and many other factors.

Do you need title insurance for your transaction? The short answer is yes. If you obtain a loan through a standard, institutional lender, the lender will require that you buy “lenders title insurance.” That policy is issued to the lender to insure that the lender has a valid, enforceable lien to secure its mortgage deed of trust on the property. That policy does not cover your interest. Buying a home is typically the largest single investment for an individual. It is important that you have adequate insurance coverage to protect your investment as well.

Upon receiving a contract for the purchase of a home, Coleman & Coleman, PLC will order an initial title examination of the court records, review the results of the search, and obtain a title commitment on your behalf. We will work diligently and effectively to clear any possible title defects that may exist prior to the purchase of the home.

(Coleman & Coleman, PLC has an affiliated business relationship with Cool Breeze Title, LLC. Cool Breeze Title, LLC is an agent of Lawyers Title Insurance Corporation.)
Coleman & Coleman, PLC | Reflections IV Building, 2901 S. Lynnhaven Rd, Suite 330, Virginia Beach, VA 23452
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