(The following definitions are to be used only as a
general guide for your understanding of the various forms of
title evidence. For specific information, consult the actual
piece of title evidence for coverage, exclusions, and
exceptions.)
Title
Insurance :- Title insurance is an actual insurance policy
(contract of indemnity) which insures the owner and/or
lender against loss or damage suffered as the result of
liens, encumbrances upon, defects in, or the unmarketablity
of, the title to real property described in the policy;
including encumbrances not evidenced in the public (e.g. an
unrecorded deed). A premium is charged which is established
by the Ohio Title Insurance Commission; title insurance is
underwritten by a title insurance company, which has the
obligation to defend the title in the event of
loss.
Title
Guaranty :– Title guaranty is a policy which guarantees or
warrants the record title only, as disclosed by an
examination of the public records. Defects which are not
evidenced in the public records are not covered. A premium
is charged which is established by the Ohio Title Insurance
Commission; a title guaranty is underwritten by a title
insurance company, which has the obligation to defend the
title against loss, as long as it arises from liens or
encumbrances which were of record as of the date of the
policy.
Title
Certificate or Attorney’s Opinion :– A Title Certificate
is a document which sets forth legal conclusions about the
status of the title, limited to a search of the records of
the county in which the property is situated. This title
examination is usually limited in time to forty years prior
to the time of the examination. A Title Certificate or
Attorneys’ Opinion is not underwritten by a title company is
neither insured nor
guaranteed.
Record
Search : A Record Search is a document setting forth a
very limited amount of information from the county records.
It states the name(s) of the record owners as of the last
deed recorded in the county for the property in question,
and any liens which have arisen relative to that property
from that date forward. A Record Search is not underwritten
by a title company and is neither insured nor guaranteed,
nor should it be relied upon for the transfer of
property.
