Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I Title Commitments Title Insurance Surviving Your First Commercial Real Estate Closing I Title Commitments Title Insurance Purpose Protection o Title insurance protects real estate owners, mortgage lenders, and other parties who have an interest in real estate from certain title risks and adverse interests that may affect the property. Indemnification o In exchange for an insurance premium, the title insurer agrees to indemnify or reimburse actual losses suffered by the Insured because of certain title issues. The matters that are covered, as well as those that are not, are detailed in the policy. Defense o The title insurer also agrees to defend, at its expense, the Insured against any lawsuit that attacks the title, if the attack is based on a title defect that is insured against by the policy. 4 3 4 5