Title Insurance

In Massachusetts, attorneys are required to be present at the closing. The attorney who represents the bank is required to search the title of the real estate at the Registry of Deeds and certify that the buyer has a good, clear, record and marketable title. The buyer pays the fees for this examination. The bank usually gets a lender's title insurance, which is paid for by the buyer even though it protects the lender not the owner. At the closing, the buyer has the option to buy owner's title insurance for his or her own protection. The experienced title insurance attorneys of Pulgini & Norton can advise you on title insurance and issues of title, and participate in the closing of your real estate transaction.

Title insurance is an insurance policy that protects homeowners and their lenders from financial loss in case certain problems arise in connection with ownership rights in a piece of real property. During closing, attorneys search and certify each title to real estate, but sometimes there are hidden title defects that couldn't be revealed in a reasonably careful title search. Title insurance also pays the cost of defending against claims that it covers.

Lender's policies are one type of title insurance that most mortgage lenders require. They are paid as part of closing costs in a single premium. Purchasers of homes are also able to buy owner's title insurance policies. These policies pay to fix certain title defects discovered at the last minute or after the sale for as long as you or your heirs own a parcel.

For example, if an heir of the prior owner comes forward after a sale, the title insurance company might file litigation against the heir to get the title cleared. Similarly, if there is an incorrect boundary description or a forged deed or a faulty foreclosure, the owner's policy will cover these issues. Other issues that an owner's title insurance policy may cover include adverse possession or prescriptive easements, incorrect surveys, pre-existing violations of zoning laws or restrictive covenants and building permit violations.

When there is a problem, the title insurance company can either cure the problem with no cost to the policyholder or pay the policyholder for the loss actually suffered subject to deductibles or liability limits or exclusions. If the problem is discovered only when you are selling the property, the title insurance company will usually agree to insure the future buyer or lender so that the sale can happen.

While it's not likely that there will be a title problem, the financial consequences of a problem, should one arise, may be devastating to a family. If the problem can't be resolved, you may bear the financial loss as the buyer. The experienced real estate attorneys of Pulgini & Norton can help ensure that your Boston real estate transaction goes smoothly. We also represent clients in Hyde Park, Andover, and New Bedford. Call us at 781-843-2200 or contact us via our online form for a consultation.