What Is Title Insurance?

Titles of land and property typically go through many transaction points (i.e. being purchased, sold or inherited) which can cause long chains of ownership. Title companies exist to research and verify a transaction and transfer of title can occur without any issues. While unlikely, a previously unknown claim to a title can come up and this is where title insurance comes in to protect the current holders of the title.

Typically there are two types of title insurance, the Owners and the Lender's policy. All lenders who provide mortgages will require you to get a Lender's title policy, this makes sure that they cannot lose the collateral of the mortgage due to a title issue. The Owner's policy protects you the buyer against any legal and general costs against the property if a title issue comes up.

This one-time fee for the owner policy protects you permanently against title claims against the property you are purchasing and is highly recommended due to the high cost of property transactions. The cost of both policies is based on the loan size and property size. Below is a calculator to see how much both policies would be in Georgia.

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