What is Title Insurance?
An insurance policy from Vision Title of St. Louis Insurance Company protects your real estate against risks and insures against loss. If your title as insured is ever attacked, Vision Title of St. Louis stands ready to defend it in two ways.
1. If it is necessary to enter a legal defense of your rights under the policy in any suit or proceeding adversely effecting the title as insured, Vision Title of St. Louis employs counsel to take such action for you…completely at our own expense.
2. If a loss is sustained, you are protected up to the full amount of your policy which usually is equal to the full price you paid for your property.
Why Does Your Real Estate Need To Be Insured?
You probably have several forms of insurance already. And you undoubtedly familiar with insurance coverage on cars, your life and medical bills. But title insurance?
When you buy a condominium, a home, any other type of building or even vacant land, you must have a complete investigation made on every aspect of the property. Or, you may discover the property you bought and paid for is not actually yours at all!
And even after the investigation, you will need protection in the event that in some point has been missed in the public records or someone makes a claim on the title to your property. That protection is a title insurance policy from Vision Title of St. Louis.
What Are The Risks That Call For Such Protection?
Real estate has such great value and is so basic a form of wealth that many special laws have been enacted for its protection–laws so strict and far-reaching that real estate is more strongly safe-guarded than any other form of property.
As a result, the owner of land has exceedingly strong rights and so do the family and airs of the owner.
But others may have “rights” in the property, as well. There are mortgages and leaseholder rights…liens due to unpaid taxes…lien claims to those whom the owner owes money…mining, oil or air rights…and many others. Anyone who has such a claim is, a limited way, a part-owner. He or she cannot ordinarily be deprived of their interest except by having the claim settled or released. The property may be sold–even without their knowledge–but the claim is still good until satisfied. As a new owner you may know nothing about these risks, but you are still vulnerable to such claims on your property. That’s why you need an insurance policy Vision Title of St. Louis.
Doesn’t Your Deed Take Care Of Giving You Clear Title?
Not at all. A “deed” is merely an instrument whereby a seller transfers his or her right of ownership, whatever it may be, to you. It is not proof that the person described as the seller is actually the owner. It does not do away with claims or rights others may have in the property. From the deed, you cannot determine what rights, liens or claims may be outstanding against your title.