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Ian M. Livaich, left, and Megan E. Moyer, right, of Saul Ewing Arnstein & Lehr.

Most people have title insurance on their property but some may be unfamiliar with the concept, protections or limitations of title insurance. Title insurance is a form of insurance that protects a property owner from financial loss caused by defects in title to a property. When property is purchased or financed, and sometimes even when property is leased or other property rights are acquired, it is advisable to obtain title insurance to protect the rights associated with the property. A request for title insurance will begin with the issuance of a title commitment from a title company. The title commitment is essentially a promise to the future policy holder that the title company will issue an insurance policy for the property after the terms and conditions set forth in the commitment are met. The commitment will contain the title company’s requirements for policy issuance, detail any liens or encumbrances that affect the property and specify any exceptions or exclusions from the policy coverage. After receiving the title commitment, the property owner should carefully review the commitment to identify any issues related to the property. While there are slight differences in a title commitment for residential properties in comparison to commercial properties, the process of reviewing title is similar for both types of transactions.

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