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Loss of Title
Overview:
Title Insurance is an insurance product designed to compensate for defective Title in residential or commercial property that has been purchased.
Title Insurance protects purchasers and existing owners of residential properties against specified losses as a result of unknown defects in the title to the property that could prejudice its use and undisturbed possession. It applies to properties whose value (ignoring agent's and Notary's fees, taxes on fees, and expenses) is not more than EUR 500,000.
Title Insurance guarantees you the owner that the insured property is owned as stated in the policy and that it is subject to no unknown title defects or claims of third parties that can materialise after the purchase.
Details:
Risks covered by the Policy:
- Notification by Land Registry in respect of a title defect (originating for example from a legal inability on the part of the seller to grant or convey title, or from a total invalidity of legal title),
- Forged Title Documents
- Missing Title Document(s)
- Fraud by or Legal Incapacity of the Seller
- Incomplete chain of ownership behind the Seller's title
- Challenge by previous owners of the Property.
- Errors in the Public Records
- Pre-existing encumbrances against the Property, not revealed by the Title registers nor and other Public Record, nor by the Notary
- Undocumented right of access to and egress from the Property
- Land Registry error
- Unknown existing rights over the Property in favour of third parties
- Unknown title defects, which if known would have caused the Purchaser not to proceed to buy the Property, or resulted in a reduction of the price for the Property, where such defects are not physically present nor reasonably discoverable by the Insured
Broking Contacts:
Andrew Thacker - Executive Director
athacker@chesterfieldgroup.co.uk
+44 (0)20 7481 1683
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