A title insurance policy insures that as the new owner, your title for the property is free and clear of any possible encumbrances, and that you have clear title from the seller. A title insurance policy insures that you will stand protected from loss or damage as a result of any title defects. Some possible encumbrances include protections from forged documents, mistakes in public records, fraud and incorrect property descriptions.
 

A title search is a detailed examination of the public records concerning a property. These records include deeds, court records, property and name indexes, and many other public documents. The purpose of the search is to verify the seller’s right to transfer ownership, and to discover any claims, defects, and other rights or burdens on the property.
 

A title search can show a number of title defects and liens, as well as other encumbrances and restrictions. Among these are unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions limiting the use of land.
 

Basically there are two different types of policies - a loan policy and an owner’s policy. The loan policy protects the lender’s interest in the property in the amount of the outstanding balance of the loan. The owner’s policy protects the buyer’s interest in the amount of the purchase price of the property.
 

Probably a lot less than you think. Charges may vary in different counties, but generally the cost of title insurance (including search, examination and related services) amounts to about one percent or less of the cost of the property. And unlike other insurance premiums, which must be paid annually, a title insurance premium is paid one time only, usually at settlement or close of escrow.
 

Milwaukee Title, Inc.

   W188 S7820 Racine Avenue Suite 300

Muskego, WI  53150

Phone:  262-717-6440

Fax:  262-710-4137

E-Mail: order@milwaukeetitle.com