What is Title Insurance?
Fire insurance protects you against loss from fire. Collision insurance guards you against the cost of a damaged car. Theft insurance- well you get the idea. Title insurance protects your title to real estate theat you are about to aquire.
How does a Title Insurance Policy Protect you? If a claim is made against your title as covered by your policy, your Title Insurance Company will: 1. Defend your titile, in court if necessar, at their expense. 2. Bear the cost of settling the claim if it proves to be valid in orer to perfect your title and keep you in possession of your property.
In New Mexico most property transactions happen at a Title Company. The seller(s) of the property you are about to buy will normally provide you with a Title Insurance Policy at the time of closing. Title Companies will search all the records for information on a property before they will issue an insurance policy. This action protects you and the seller of the property.