What is Title Insurance?

Title insurance protects property buyers and lenders from financial loss due to defects in a title to a property. It ensures that the buyer has a clear title and that there are no legal claims against the property

Is Title Insurance important?

Title insurance is crucial because it: 
  • Protects against claims from past owners or liens
  • Ensures the property is free from undisclosed heirs 
  • Guards against mistakes in public records 
  • Covers legal fees for sending ownership

How long is Title Insurance valid?

An owner's policy remains in effect for as long as you or your heirs own the property. A lender's policy lasts until the mortgage is paid off.

How much does Title Insurance cost in Oklahoma?

You can get title insurance through licensed title companies in Oklahoma. At Elite Title Services, LLC, we offer comprehensive title insurance services to ensure your property transactions are secure and hassle free.

Title Insurance FAQs

 Who needs Title Insurance?

Buyers, lenders, and sometimes sellers all benefit from title insurance. Buyers need it to protect their ownership rights, lenders require it to secure their investment, and sellers may obtain it to ensure a smooth transaction

How does Title Insurance work?

When you purchase title insurance, a title company conducts a thorough search of public records to identify any issues with the title. If any problems arise after the purchase, the insurance covers the costs of resolving these issues, including legal fees.

How much does Title Insurance cost in Oklahoma?

The cost of title insurance in Oklahoma can vary based on the property's value and the insurance provider. It is typically a one-time fee paid at closing. Contact us for a quote specific to your property.

When should I get Title Insurance?

Title insurance should be obtained during the closing process of a real estate transaction. It is typically arranged after the purchase agreement is signed and before the closing date.

What types of Title Insurance are there?

There are two types main types of title insurance: 
  • Owner’s Policy: Protects the buyer’s interests and investment in the property. 
  • Lender’s Policy: Protects the lender’s interest in the property, typically required by most mortgage lenders.

What does Title Insurance not cover?

Title insurance does not cover issues such as:
  • Problems that arise after the purchase date
  • Environmental hazards 
  • Zoning and governmental regulations
  • Certain matters disclosed in the public record

Why You Need Title Insurance: A Real-Life Example

Example: Unexpected Heir Claims Ownership

 

Imagine you purchase a beautiful home in Oklahoma, excited to start a new chapter in your life. You go through all the necessary steps—inspection, financing, and finally closing the deal. However, six months after moving in, you receive a legal notice that someone is claiming ownership of your property.

 

Here's what happened:

 

1. Previous Owner's Hidden Heir: The previous owner of your home had passed away without a will, and the property was sold by what appeared to be the rightful heirs. However, an unknown heir, living in another state, was never notified of the death or the sale of the property.

 

2. Legal Challenge: This heir now challenges the sale, claiming that they are entitled to a share of the property. They file a lawsuit against you, the current owner, asserting their legal right to ownership.

 

3. Financial and Legal Burden: Without title insurance, you would be responsible for all legal fees to defend your ownership, which could be substantial. You might also face the risk of losing your home or having to pay a significant settlement to the heir.

 

4. Title Insurance Protection: If you have title insurance, the insurance company would step in to handle the legal defense on your behalf. They would cover all related legal costs and work to resolve the claim. If the heir's claim is upheld, the title insurance would compensate you for any financial loss up to the policy amount.

 

This example illustrates the importance of title insurance. It provides peace of mind and financial protection against unexpected claims or defects in the title, ensuring that your ownership rights are secure.

 

At Elite Title Services, we understand the complexities of property transactions and are committed to protecting your investment with reliable title insurance services.