What is Title Insurance?

What is Title Insurance and how important is it? Title insurance protects homeowners against financial loss from defects in the title, liens on the title, or if the title is not what it is represented to be. Most banks will not approve loans without title insurance. This is very important protection.
A recent development where a major provider of this insurance has declined to cover certain Banks foreclosed properties due to procedural errors during the foreclosure process is cause for concern but not panic. At this time it will only affect certain bank owned properties from the institutions involved. Make sure if you are buying a bank owned property that your Real Estate professional is staying on top of the situation and can identify if the property you are purchasing is affected. A problem of this sort can delay a closing indefinitely.