What is a title insurance policy?

A title insurance policy is a type of insurance that protects the buyer from any issues that may arise with the property’s title. This kind of insurance is especially important for residential real estate law in Alaska, as it can help protect against title defects that could otherwise lead to costly legal action. The title insurance policy is usually purchased in addition to the basic title search and contract/deed of sale. It can cover mistakes or omissions in the title search process, like errors in public records or forgery. It can also protect against title fraud, when someone attempts to make a false claim on a property. Title insurance also covers any legal costs that may arise from defending the title to the property, such as court proceedings or title issues with other parties. In Alaska, the coverage may cover a variety of issues that are specific to the state, such as Native American claims, mineral rights, or encroachments. Most residential real estate purchases include the buyer purchasing a title insurance policy to protect their investment in the property. The coverage can last for the entire time the buyer owns the property, but must be renewed if there are any changes in the title, like a transfer of ownership or adding a lien.

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What is a title insurance policy?

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