Why Do You Need Title Insurance?

First American Title is in business to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly, and that your interests as a home buyer are protected to the maximum degree.

First American routinely issues two types of policies. An Owner's Policy covers you, the purchaser; and a Lender's Policy covers the bank, savings and loan or other lending institution over the life of the loan. Both are issued at the time of purchase for a modest, one-time fee.

Before issuing a policy, however, First American performs an extensive search of the public records to determine if anyone other than the party selling the home has an interest in the property. With such a thorough examination of records, any title problems usually can be found and cleared up prior to the purchase of the property. Once a title policy is issued, if for some reason any claim which is covered under the title policy is ever filed against the property, First American will pay the legal fees involved in defense of the insured rights, as well as any covered loss arising from a valid claim. This protection, which is in effect as long as the owners or heirs own the property, is available for a one-time premium.

The fact that First American works to eliminate risks before they develop makes title insurance much different than other types of insurance you may have purchased. Most forms of insurance assume risks by providing financial protection through a pooling of risks for losses arising from an unforeseen event, like a fire, theft or accident. The philosophy of title insurance, on the other hand, is to eliminate risks and prevent losses caused by defects in title that happened in the past. Risks are examined and mitigated before property changes hands.

This risk elimination has benefits to both the purchaser and to us as the insurer; it minimizes the chances adverse claims might be raised, and by so doing reduces the number of claims that have to be defended or satisfied. This keeps costs down for First American and your title premium low.

Buying property outside the continental United States is a big step emotionally and financially. When you use First American, you are assured that any valid claim against your property will be borne by us, and the odds of a claim being filed are slim indeed.

In the Caribbean and Central America, First American offers its clients three types of policies. In the U.S. Virgin Islands, Puerto Rico, and the Bahamas, you my purchase an ALTA Policy. In the U.S. Virgin Islands and Puerto Rico, you may also purchase the Eagle Policy. In the Caribbean, as well as Central America, you may purchase First American's International Policy.

For information regarding title insurance services Please contact Lic. Gilberto Guzman 011-52-984-8018262