About Title Insurance

The One-Time Title Insurance Premium

Purchasing an Olympia WA home is, probably, the largest investment you will ever make. Before closing on the house, you'll want to know that no other person, or entity, has a lien, right, or claim to the property.

Determining that your interests, and rights, to the property are clear is the business of a title insurance company. For a low, one-time title insurance premium, you will get continuous title insurance coverage in an amount equal to the purchase price of the property, or its current market value. This premium usually includes the "lenders" policy, as well as your  "owners" policy. One of the true advantages of title insurance is that prior to a policy being issued, the title insurance company completes extensive research into relevant public records, documents, and maps, to trace ownership of the Olympia WA area property, to determine if anyone, has an interest in the property, other than you. Through its research, the title insurance company can usually identify any title issues that might arise, and have these issues cleared-up prior to closing. Your title insurance owner's policy will describe the property, and lay out any recorded limitations on your ownership. It will, also, set forth the title insurance company's responsibilities, should any claim, covered by the policy terms, arise. Normally, your title insurance will protect you from loss: if someone contests your title in legal action (the title insurance company will defend the title at no cost to you), or if there is a title defect that can't be eliminated, (the title insurance company will protect you from financial loss - up to the amount of the policy).