A title agency is a company that helps ensure a property can be legally sold. They do this by performing extensive title searches to locate any issues that might arise to prevent the seller from being able to sell the property.

Is a title insurance company the same as a title company?

A title company makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title.

When do you need a title insurance agent?

A title insurance agent is hired at the beginning of the transaction to conduct a review of the public records to locate any claims against the property, such as tax liens and judgments. The title insurance agent also verifies whether such liens are still active and what needs to be done to clear the liens.

What does title insurance do for a property?

The title company then insures your claim to the property’s title. If anything is missed during the search or there are lawsuits questioning your legal ownership of the property after closing, your title insurance policy will cover the costs of resolving the problem. There are two types of title insurance: lender’s and owner’s.

Where can I get a title insurance license?

On the hand, obtaining a title insurance license requires minimum education and work experience before an application can be filed with the state. The land title association active in the state is typically a good source for learning the licensing requirements for a title insurance agent.

What are the different types of title insurance?

The other type is owner’s title insurance, which is often paid for by the seller to protect the buyer’s equity in the property. Title insurance protects lenders and buyers from financial loss due to defects in a title to a property.