Following the closing of your transaction, you will receive a “title insurance policy.” This document looks a lot like the “commitment” you received prior to closing your transaction. As you remember from the previous post, the commitment legally binds the title company to issue a title insurance policy if the requirements of the commitment are met. Now that the transaction is complete, and the requirements of the commitment are met, as a buyer, you will receive an “owners title insurance policy.”
Like the commitment, the first few pages of your title policy will include a policy jacket full of standard information and a privacy policy that is not transaction specific. I have omitted these pages from this post to focus our attention on the information about your real estate. The diagram below points out the highlights of your title policy.
Once you receive a title policy, put it in a safe place. It is what insures the fact that you own your real estate.
Again, here at Tallgrass Title, we love to answer questions about title insurance. Feel free to call or email anytime. That’s what we do!