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Consumer Information
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What Every Home Buyer & Seller Should Know About
Title Insurance
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Most home sellers and buyers have been informed that obtaining title
insurance will provide them necessary protection over possible title
defects; but many remain uncertain about why this is so ÷ or even about
what title insurance is. At the Chicago Title and Trust Family of
Companies, we believe we have everything to gain by throwing some light on
the subject. The more you know about title insurance and its pricing, the
more confident you'll be about coming to us for a policy.
A Seller's Concern: How Much Does it Cost?
A title insurance policy from the CTIC Family is much more cost-effective
than the other kinds of insurance you have had to purchase. For a single,
one-time-only fee, we provide a title policy that remains effective until
the property is sold to a new owner even if that doesn't occur for
decades. The CTIC Family's price structure is among the lowest giving you
the most respected name in title insurance at highly competitive rates.
Why the Seller Needs to Provide Title Insurance
Any prospective buyer will need evidence that his investment in your
property is free of title defects. In fact, your contract of sale probably
requires it. The title insurance policy that you provide the buyer is a
guarantee that you are selling a clear title to your real estate,
unencumbered by any legal attachments that might limit or jeopardize
ownership. The CTIC Family name carries special authority: it reassures
your buyer that the title has passed the most careful scrutiny. In
addition, it can help your deal close more quickly and easily.
Why the Buyer Needs Title Insurance
Without a title insurance policy, you may not be fully protected against
errors in public records, hidden defects not disclosed by the public
records, or mistakes in examination of the title of your new property. As
a result, you may be held fully accountable for any prior liens,
judgments or claims brought against your new property. However, your
policy insures that if such an occasion arises, you will be defended free
of charge against all covered claims and paid up to the amount of the
policy to settle valid claims. With a title insurance policy from the
CTIC Family, backed by our vast resources and financial strength, you
need never worry that your new property's history will tarnish your
bright future.
The CTIC Family Difference
At the Chicago Title and Trust Family of Companies, we're proud of our
prestigious reputation. Since issuing our first title policy in 1888,
we've been the industry leader, providing thousands of title policies
each day. What's more, we now offer rates that are often several hundred
dollars lower than our competitors. Our rates and service make us the
first choice among informed home sellers, while our reputation for
quality and unsurpassed financial strength makes us the first choice
among informed home buyers. Even though we protect the titles of millions
of American homes, we stand behind each one as if it were our own.
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