Title Review and Title Insurance in Illinois: A General Overview

When buying or selling property in Illinois, you may hear the terms title review and title insurance come up throughout the transaction. This article offers a general overview of what these terms mean and why they matter in a typical real estate deal. It does not offer specific legal advice.

What This Generally Refers To

Title review typically involves examining the history of a property to confirm that the seller has the legal right to transfer ownership and to identify any liens, claims, or other issues that could affect the transaction. Title insurance is a policy that generally protects a buyer or lender against certain problems with the property's title that were not discovered during the review process. Together, these steps are a routine part of most residential and commercial real estate closings in Illinois.

Questions People Commonly Ask

• What is the difference between an owner's policy and a lender's policy?

• Who typically orders the title search during a transaction?

• What kinds of issues can show up during a title review?

• Is title insurance generally a one-time cost or an ongoing expense?

How an Attorney Can Help

An attorney who handles real estate matters can generally help review title commitments, explain what any flagged issues may mean for a transaction, and coordinate with title companies, lenders, and other parties involved in a closing. Having someone familiar with the process review these documents can help buyers and sellers better understand what they are agreeing to before moving forward.

Considering Your Next Step

If you are preparing to buy or sell property in Illinois and have questions about title review or title insurance, the team at Ferrentino, Donis & Associates is available to have a general conversation about your situation. Every transaction is different, and an initial conversation can help you understand what to expect moving forward.

Disclaimer: This article is provided for general informational purposes only and does not constitute legal advice. Reading it does not create an attorney-client relationship. Laws change and every situation is different, so please consult a licensed attorney about your specific circumstances before taking action.