Title insurance provides protection against financial loss due to defects in a property’s title. These defects can include issues like unpaid taxes, liens, fraud, or forgery, all of which can threaten ownership. Unlike other types of insurance that protect against future events, title insurance covers events related to the past.
The closing process is the final step in a real estate transaction, where the title is transferred from the seller to the buyer. This involves several critical steps, including reviewing the title, preparing closing documents, and ensuring all financial obligations are met.
Real estate transactions involve significant legal intricacies. From ensuring clear titles to handling contracts and closing documents, the legal aspects require careful attention. Mistakes can lead to costly disputes, making the role of a real estate attorney vital.