property

owners title policy

An owner's title policy is title insurance that protects the buyer (owner) against financial loss from covered title defects that existed before the policy date, such as forged documents, undisclosed heirs, or recording errors. Coverage generally equals the purchase price, lasts as long as the owner or heirs hold an interest, and is paid for with a one-time premium at closing. Who customarily pays for it varies by state and local practice.