Frequently Asked Questions

Yes. Basically there are two different types of policies an owner's policy and a loan policy. The following is a definition of the common types of policies:

An Owner's Title insurance policy lasts for as long as you or your heirs retain an interest in the property and, in some cases, even beyond.

The rates for Title Insurance are a fixed rate and are filed with the State of Ohio Insurance Department.  Title insurance is inexpensive, typically costing a one-time fee of less than one percent of your home's total value,  but the cost is directly related to the value of the property. The higher the value, the more coverage is needed.

If a claim is made against your property, title insurance will, in accordance with the terms of your policy, assure you of a legal defense - and pay all court costs and related fees. Also, if the claim proves valid, in accordance with the terms of your policy, you may be reimbursed for your actual loss up to the face amount of the policy.

That depends on the claim. In an extreme case, you could lose your entire home and property - and still be liable to pay off the balance of your mortgage. Most claims aren't that dramatic, but even the smallest claim can cost you time, money and aggravation, and you may have to pay costs for a legal defense.

When you buy a home, it is necessary to know information about other’s rights to the property. But even the most diligent search of public records could fail to disclose a number of title defects. There are many hidden defects which may affect the title to real estate. Some examples are:

Yes. There are some "hidden hazards" that even the most diligent title search may never reveal. For instance, the previous owner could have incorrectly stated his or her marital status, resulting in a possible claim by a legal spouse. Other "hidden hazards" include fraud and forgery, defective deeds, mental incompetence, confusion due to similar or identical names and clerical errors in the records. These defects can arise after you've purchased your home and can jeopardize your right to ownership.

A title search is a detailed examination of the historical records in the county recorders concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller's right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.  It ensures that the only thing you are buying is a new home, and not a slew of unforeseen legal or financial entanglements.