Did You Know?
THIS FORM IS PROVIDED BY BOSSE TITLE
COMPANY
501 MAIN STREET, SUITE 101,
EVANSVILLE, IN 47708
WHY PURCHASE TITLE INSURANCE
A real estate purchase is one of the best investments
you can make - so be certain to protect your land ownership against
possible title problems that can hinder the transfer and marketability
of your real property. These problems are defects and occur before the
date of the policy and remain undisclosed until sometime later. Even
the most thorough search of the public records cannot reveal some of
these “hidden” hazards.
A one-time premium safeguards your property from actual
loss and defense costs (unless specifically excluded), up to policy
amount, resulting from any risk covered by your policy. A mortgage
policy protects only your lender against title defects. Purchasing an
owner’s policy of title insurance will protect your interests.
Title Insurance covers title defects such as:
- Forged deeds, mortgages, releases of mortgages and other instruments.
- False impersonation of the true owner of the land or of his
consort.
- Instruments executed under fabricated or expired power of attorney
(death).
- Deeds apparently valid but actually delivered after death of
grantor or grantee, or without consent of grantor.
- Deeds by persons of unsound mind.
- Deeds by minors.
- Deeds not properly delivered.
- Deeds which appear to convey title but are really mortgages.
- Outstanding prescriptive rights not of record and not disclosed
by survey.
- Descriptions apparently but not actually adequate.
- Duress in execution of instruments.
- Defective acknowledgment due to lack of authority of notary.
(Acknowledgment taken before commission or after expiration of
commission.)
- Deed or property recited to be separate property of grantor
which is in fact community or joint property.
- Deed from bigamous coupe. (Prior existing marriage in another
jurisdiction.)
- Undisclosed divorce of spouse who conveys as sole heir of deceased
consort.
- Undisclosed heirs.
- Misinterpretation of wills, deeds and other instruments.
- Birth or adoption of children after date of will.
- Children living at date of will but not mentioned therein.
- Discovery of will of apparent intestate.
- Discovery of later will after probate of first will.
- Administration of estate and probate of wills of persons absent
but not deceased.
- Conveyance by heir, devisee or survivor of a joint estate who
murdered the decedent.
- Deed from Trustee of purported business trust which is in fact
a partnership or joint stock association.
- Deed of executor under non-intervention will when order of solvency
has been fraudulently procured or entered.
- Deeds to or from corporations before incorporation or after
surrender or forfeiture of charter.
- Claims of creditors against property conveyed by heirs/devisees
within prescribed period after owner’s death.
- Mistakes in recording legal documents. (For example, incorrect
indexing, errors in transcribing and failure to preserve original
instrument.)
- Record easement, but erroneous ancient location of pipe or sewer
line which does not follow route of granted easements.
- Special assessments where they become liens upon passage of
resolution and before recordation or commencement of improvements
for which assessed.
- Want of jurisdiction of persons in judicial proceedings.
- Failure to include necessary parties in judicial proceedings.
- Federal estate and gift tax liens.
- State inheritance and gift tax liens.
- Errors in tax records. (For example, listing payment against
wrong property.)
- Ineffective waiver of tax liens by tax or other governing authorities
repudiated later by successors.
- Corporation franchise taxes as lien on all corporate assets,
notice of which does not have to be recorded in the local recording
office.
- Erroneous reports furnished by tax officials, but not binding
on municipality.
- Tax homestead exemptions set aside as fraudulently claimed.
- Lack of capacity of foreign personal representatives and trustees
to act.
- Deeds from nonexistent entities.
- Interests arising by deeds to fictitious characters to conceal
illegal activities on the premises.
- Deed in lieu of foreclosure set aside as being given under duress.
- Ultra vires deed given under falsified corporate resolution.
- Conveyances and proceedings affecting right of servicemen protected
by the Soldiers and Sailors Civil Relief Act.
- Federal condemnation without filing of notice. (Federal law
does not require filing of notice of taking in local recording
office.)
- Break in chain of title beyond period of examination or public
record where running of adverse possession statute has been suspended.
(True owners are incompetent, absent or incarcerated or title
is held by the sovereign.
- Deed from record owner of land where he has sold property to
another purchaser on unrecorded land contract and the purchaser
has taken possession of premises.
- Void conveyances in violations of public policy; (payment of
gambling debt, payment for contact to commit crime or conveyance
made in restraint of trade.)
IF YOU ARE INTERESTED IN OBTAINING AN OWNER’S POLICY
OF TITLE INSURANCE,
PLEASE CONTACT US AT (812) 421-4000.
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