TITLE INSURANCE POLICIES


The word, "Title" refers to the legal ownership of property. A deed by itself is not considered sufficient evidence of ownership in Illinois. A grantor's warranty deed contains no proof of the condition of the grantor's title at closing.

Title Insurance  is a contract where the policyholder is protected from losses arising from title defects. It helps safeguard the security of your home investment in case of hidden title defects. An opinion of title certifies the condition of the title's history based on an examination of the public records. A title company determines if  the title is insurable based on this examination, as they will not insure a title with defects that appear in a title search.
After the public records are examined, the title company issues a commitment to issue a title policy.

Hidden title defects may occur in the history of ownership, where someone may assert a claim against your property.
 There are exclusions to the policy, which will be listed in the policy. These may include covenants and restrictions, special assessments, zoning regulations, etc.
Title insurance will pay for defending against any lawsuit against the insured's title, or pay for the insured's losses.

 The Title insurance premium is the fee for the title insurance policy that protects your home. This is customarily paid by the sellers in this general area, and is paid at closing.
A lender's policy is for the benefit of the mortgage company, and is included in the buyer's closing costs. The policy shows the amount of coverage and depends on the amount of mortgage loan. The title insurance policy is usually issued after the deed has been delivered and recorded.
There are three common ways to hold ownership of real estate in Illinois.
These are:   Tenancy by the Entireties, Joint Tenancy, and Tenancy in Common. You should consult an attorney for any advice regarding ways to hold title in Illinois.

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