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What is a title policy?

A title policy is issued upon the finalization of the transaction. It consists of Schedules A and B. The two schedules list the information as referenced on the title commitment and any matters effecting changes to the title at closing. The title policy itself is a contract between the insured and the underwriter insuring against loss in the event a defect in the title is discovered. The two policies which may be issued are an Owner’s Title Policy and a Mortgagee Title Policy.

The insured in an Owner’s Title Policy is the owner as shown on the recorded deed. It insures the owner of the property against defects in the title subject to any exceptions listed in Schedule B.

A Mortgagee Title Policy insures a lender against loss caused by invalid title in the borrower, or loss of priority of the lender’s mortgage subject to any exceptions listed in the policy.