You have just settled into your new home. It was difficult making the $35,000 down payment. Suddenly you learn that a child born after the date of the seller’s will is claiming his interest in your property. After an exhausting, expensive legal contest, the child’s claim is found to be valid. You lose your home and your down payment. Unfortunately, nightmares like this can and do happen. But there is a way to protect yourself from such calamities. Owner’s title insurance not only protects you from actual financial loss caused by a covered title problem that affects the marketability of your property, but also provides the same protection to your heirs for so long as they may own the property. Your title insurer even has a duty to defend you against any such covered claims. A one-time premium provides all this coverage on the single largest investment you may ever make. Nothing else assures a homebuyer peace of mind quite like title insurance. WHY LAND TITLE GUARANTY Your title insurance policy provides both peace of mind and financial protection; however, that protection is only as strong as the issuing company itself. Since 1958, Land Title Guaranty has been insuring Minnehaha County and Lincoln County households and weathering every storm, providing protection through good times and bad. We know your neighborhood the same way we know title insurance – like no other. Come home to the friendly, knowledgeable service you deserve. Contact Land Title Guaranty today. Buying a new home is one of life’s most gratifying experiences. However, as you approach the big day of closing, all the details can be a little overwhelming. You might even easily overlook the single most important step in the entire process – the purchase of title insurance on that wonderful new home of yours. What Is a Title? A title is the legal right that a person has to the ownership and possession of land. It is possible that someone other than the owner has a prior legal claim to the property. If that prior claim can be established, that person may claim an interest in the property outright or make demands on the owner as to its use. What Can Make a Title Defective? Any number of problems can remain undisclosed after even the most meticulous search of public records and can make a title defective. These prior hidden “defects” are dangerous because you may not learn of them for many months or even years. However, they could force you to spend a substantial sum on a legal defense that could still result in the loss of your property. When you purchase an Owner’s Title Insurance Policy from Old Republic Title, you acquire peace of mind. Your Old Republic Title policy typically covers you from a host of prior or concurrent hidden defects, including:* • 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 later 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 • Deeds from incompetent persons * Your coverage will be governed by the terms of the policy, the claim or defect asserted and your factual situation. Two Types of Title Insurance Your lender will likely require that you purchase a Lender’s Policy. This type of policy only insures that the financial institution has a valid, enforceable lien on the property. It does not protect you. An Owner’s Policy, on the other hand, is designed to protect you from covered title defects that existed prior to the issue date of your policy. It also covers the full cost of any legal defense of your title, for any covered matter. How Much Does Title Insurance Cost? The one-time premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance. Paid once when you purchase your home, it continues to provide coverage for as long as you or your heirs own the property. When Should I Look Into It? Call Old Republic Title as soon as both you and the seller sign the earnest money contract. With a brief summary of the details, our team of title professionals will begin a search of the public records and issue a title commitment. In order to make certain that we know all we can about the title, it is wise to get the ball rolling as soon as possible.