TITLE INSURANCE_ MUCH-NEEDED RELIEF FOR HOME BUYERS

TITLE
INSURANCE:
MUCH-NEEDED
RELIEF FOR
HOME BUYERS
ARTESIAN TITLE
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THE ECONOMIC
TIMES
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Title refers to the legal right to a property which is obtained by a requisite
registered document. Every time a property changes hands there is a change in
the title as well. Somewhere in the chain of transfers and transmissions of the
property, certain lacuna prevails and some defect in the title is observed.
The issue of ownership/title is a large-scale problem in the real estate market.
The maxim of law "no one can give better title than what he has" (nemo dat
quod non habet) is th ..
What is title insurance?
Title insurance is an insurance of indemnity and unlike other insurances, it has
a retrospective effect. This means, the title insurance indemnifies the insured
against all the loses and claims that are suffered by the insured as a result of
defect in the title of a property (of which the insured was not aware on the date
of the policy) even before the date of the policy. So, in simple words, title
insurance means an insurance against any loss caused ..
In every real estate transaction, a buyer desires to obtain a clear title and
marketable title to the property and intends to know the restrictions or
encumbrances on the property before purchasing it. State laws and local
restrictions on a property can sometimes hinder the ownership. In every real
estate transaction, therefore, emphasis is laid on a marketable title. Even after
thorough due diligence, at times there are anomalies in the title of the property
that can crop up.