1. I know, trust and am able to contact the previous owners of the property – and the owners before them, and the owners before them, going back 40 years.
2. All lawyers, real estate agents, mortgage brokers, banks and title companies do perfect work – they never make mistakes.
3. I am too smart and too lucky to buy a house where someone committed a fraud against me, the bank, or the former owner of the property.
4. Rather than buy an owner’s title insurance policy now, I’d rather pay more money after I’ve owned the house for a while.
5. If I have a title problem I can always sue my lawyer or real estate agency because they told me I did not need title insurance.
6. I am happy to pay for the title insurance for the lender’s protection on my loan, but have no desire to protect my own title interest.
7. All of the Courthouse records are accurate and complete, and the people who file and examine them are infallible as well.
8. It doesn’t matter that one of the mortgagees the seller had on my new home wasn’t paid off at the closing. I’m happy to assume the debt.
9. I am certain that the “sellers” at the closing are the real sellers because they said so.
10. I don’t have enough to worry about.

Author unknown

The explanation provided above is designed to acquaint you with the title insurance process. Remember that the best title examination or search cannot protect your equity and home from matters not appearing in the public records. Every title is unique and more complex than explained here. For further explanation of title insurance it is suggested you consult an attorney.

For more information read:

Title Insurance - What Is It?

Questions About Title Insurance - American Land Title Association