A title company researches the title of a property being transferred from one party to another back to the required number of years in any state in which the company operates and upon finding a clear title offers title insurance to cover any challenges made on the title after closing of the property. In many states the title company handles the closing, in others a real estate lawyer is required to do the closing.
Title insurance first came into existence in Pennsylvania as early as 1853 and is considered an invention of the United States though used in other countries now as well. The benefit of the insurance is correction of the title and would take care of all attorney fees involved in doing so. Title insurance companies most generally have their own staff of attorneys working for them on behalf of the insured.
Fees and rates vary and can be shopped, but your Realtor® may have a suggestion based on their experience and based on closings in your area.
Lisa Mollman | Century 21 Gold Castle REALTOR 