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Scenario:Sam and Martha, a newlywed couple, recently bought their first home from Peter. After a few months after the sale, they were sued by Peter's cousin, Paul, who claimed he owned 1/2 of the rights to the house with Peter and did not authorize the sale. Peter had told Sam & Martha about Paul's interest in the property prior to the purchase of the home, but assured them that he had authority to sell.Questions to Answer:1. Would title insurance cover Sam & Martha against Paul's claim? Discuss in detail. 2. Are there any exclusions that might apply?
Answer
In the United States and Canada, people can insure themselves from financial loss as a result of flawsin title toreal property as well as unenforceability or invalidity of mortgage loans using title insurance. Title insurance typically indemnifies damages as a result of errors in the ownership records of a property or home (Hill, Widener, & Atkins IV, 2018). In the case of Sam and Martha, there are specific facts to look upon before establishing if the insurance will cover them against Pauls claim. The seller, Peter, informed them that Paul had an interest in the house and went ahead and assured them that he had the authority to sell prior to purchasing. Title insurance assures a buyer that the property title he or she is seeking to purchase is just as the seller states it should be. T...
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