What is Title Insurance?
"Title Insurance" means insuring, guaranteeing or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, or defects in the title to said property, and the validity or impairment of liens thereon, or doing any business in substance equivalent to any of the foregoing in a manner designed to evade the provisions of this Act.
The "business of title insurance" shall be deemed to be
- the making as insurer, guarantor or surety, or proposing to make as insurer, guarantor or surety, of any contract or policy of title insurance or any equivalent thereof;
- the transacting or proposing to transact, any phase of title insurance, including solicitation, title examination, except when conducted by an attorney, closing the transaction, except when conducted by an attorney, execution of a contract of title insurance, insuring and transacting matters subsequent to the execution of the contract and arising out of it, including reinsurance;
- the making of a guaranty or warranty of a title search, title examination, or any component thereof by a person other than the one performing the search or examination; or
- the doing, or proposing to do, any business in substance equivalent to any of the foregoing whether or not designed to evade the provisions of this Act.