Minneapolis Owner's Title Insurance

Owner’s Title Insurance 

WHAT IS A TITLE?

A title is the evidence, or right, that a person has to the ownership and possession of land. It can be possible for someone, other than the owner, to have a legal right to the property. If that right can be established legally, this person can claim the property outright or make demands on the owner as to its use. When purchasing your new home, you will want the peace of mind that comes with owner's title insurance. 

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What is Title Insurance?

Financial Protection and Peace of Mind

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Three months have gone by since you moved into your new home. The new furniture bought specifically for the dining room is paid for. You’re enlarging the master bath, and you’ve painted your 10-year-old daughter’s room turquoise.

Then your realtor calls with disturbing news: A second will of the deceased previous owner has been discovered which bequests the home to his grandson. After an exhausting, expensive and drawn-out legal contest, the second will is found to be valid.

The grandson is in, you’re out.

You lose your home, who knows if the dining room furniture will fit in another home, the master bath is a construction mess, and your daughter is heart-broken to lose her room. And even worse is the devastating financial toll it’s taken on your future.

Home-owner nightmares like this happen all too frequently (other examples).

But there is a way to protect yourself from such calamities:

Owner's title insurance protects you—and your heirs for as long as they own the property—from financial loss caused by title problems. Your title insurer even bears the full cost of defending you against any claims.

Defective titles

A title can become defective from any number of problems that remain undisclosed after even the most meticulous search of public records. These hidden "defects" are dangerous because you may not learn of them for months – even years. Once discovered, they could force you to spend substantial sums on a legal defense, and still result in the loss of your property.

Defects may include:

  • Creditor claims
  • Deeds executed under false or expired powers of attorney
  • Mistaken interpretation of wills and trusts
  • Incorrect representation of marital status
  • Undisclosed heirs
  • Mistakes in recording legal documents
  • Incorrect legal descriptions
  • Forged deeds, releases, etc.
  • Federal, state inheritance and gift tax liens
  • Errors in tax records
  • Federal condemnation without notice filing
  • Capacity of foreign fiduciaries
  • Duress in execution of documents
  • Want of jurisdiction over persons in judicial proceedings
  • Deeds from minors or non-existent entities
  • Discovery of secondary will after probate of first will
  • Easements by prescription not discovered by a survey
  • Deeds delivered after death of grantor or grantee, or without consent of grantor
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getting started with title insurance

Get the ball rolling as soon as possible – as soon as you and the seller sign the earnest money contract. There are a number of steps that must be taken to make certain that we know all we can about the title. With a brief summary of the details, your Minneapolis title experts will begin a search of the public records and issue a title commitment.

Your title insurance investment

The one-time premium is directly related to the value of your home. Typically, it costs less than your annual auto insurance. It is a one-time only expense, paid when you purchase your home. Yet it continues to provide complete coverage for as long as you or your heirs own the property.

Use our convenient Title Insurance Calculator to estimate your costs. Make sure you save a copy for yourself. 

Owner's Title Insurance Request

Get started with your Owner's Title Insurance Request by completing our form above. 

learn more about owner's title insurance

It is important to keep all the facts in mind when making a major purchase like a new home.  Here at Twin City Title, we are here to help you as you step into buying a new home.  For more information on owner's title insurance, read our FAQs or contact us with a specific question.