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Simple English definitions for legal terms
title-guaranty company
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A quick definition of title-guaranty company:
A title-guaranty company is a type of company that checks if there are any problems with a property's ownership before someone buys it. They also provide insurance to protect the buyer if any issues arise later. It's like having a superhero who makes sure everything is safe before you buy a house.A more thorough explanation:
A title-guaranty company is a type of title company that examines real-estate titles for any encumbrances, claims, or other flaws, and issues title insurance. This means that if there are any problems with the title in the future, the company will cover the costs of fixing them.
For example, if you buy a house and later discover that there is a lien on the property that was not disclosed during the sale, the title-guaranty company will pay to remove the lien and ensure that you have clear title to the property.
Overall, a title-guaranty company provides peace of mind to buyers and lenders by ensuring that the title to a property is free and clear of any issues that could cause problems in the future.