Title Policy

What is a Title Insurance Policy?

Title insurance protects owners and lending companies against defects in the ownership of real property. “Title” is the collective ownership records of a piece of real estate. It consists of all transfers of real property rights, as well as all loans that use the property as collateral. Having “Title” means having the right to control and convey a piece of real property.

Why do I need one?

Provided a given property has clear title (e.g. There are no known encumbrances, obstructions to full ownership and control of the property), it is much less vulnerable to ownership claims from outside parties and/or unpaid debts of previous owners.

Clear title and a “title insurance policy” is to protect against losses arising from problems with title to the property that were unknown to you when you purchased it, is a prerequisite to obtaining a mortgage loan from any institutional lender, to purchase commercial and/or industrial real estate, in Georgia.

Possible Title Insurance Policies

There are essentially two types of title insurance policies that protect against adverse claims to title to real property:

1. An “owner’s policy” protects you as the owner of the estate. If your owner’s title insurance policy is issued upon your purchase of the estate, it covers up to the full amount you paid for the property. If your insurance is issued an any other time, it covers up to the reasonable value of the property (you must prove your loss).

2. The “mortgagee’s policy” protects your lender, the holder of a debt secured through a lien on your property. The mortgagee’s title insurance policy covers up to the full amount of the mortgage, and thus, its coverage declines as the mortgage is paid down.

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