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Real estate title insurance is a type of insurance policy that provides protection to property owners and lenders against financial losses or legal disputes related to the ownership of a property. It is a common component of real estate transactions in many countries, especially in the United States.

Here's how title insurance works:

Title Examination

When a property is being sold, a title company or attorney typically conducts a title search to examine the historical records and documents related to the property. This search aims to verify the legal ownership of the property and check for any outstanding liens, encumbrances, or other issues that might affect the property's title.

Title Insurance Policy

After the title examination, a title insurance policy is issued. There are two main types of title insurance policies:

a. Owner's Policy: This policy protects the property owner against any unforeseen title defects, disputes, or legal claims related to the property's history.

b. Lender's Policy: If a mortgage lender is involved in the transaction, they typically require a lender's policy to protect their financial interest in the property.

Protection

In the event of a dispute or claim against the property's title, the title insurance policy covers the insured party's financial losses. This can include legal defense costs, as well as compensation for any financial losses, up to the policy's coverage amount. Title insurance is different from other types of insurance in that it primarily looks backward at the property's history, rather than forward to potential future events. It is meant to protect the insured parties against any hidden or undiscovered issues with the property's title that may arise after the purchase.