title insurance

Definition

Insurance to protect a lender or owner against loss in the event of a property ownership dispute. Title insurance is most frequently used for mortgages, and is required by a large number of lenders. Title insurance has become necessary in the United States because, unlike many other countries, the United States (with the exception of a few areas) does not use a land registration system which could determine the validity of a claimed ownership of property.

Use title insurance in a sentence

Most title insurance protects the lender in the case of a legal issue, but is paid for by the borrower.

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