There are two types of policies, owner’s policies, and loan policies.
The owner’s policy protects you against losses from ownership problems that arose before you bought the property, but that was not known at the time you bought the property. For example, you could lose the title to your property due to fraud, errors or omissions in previous deeds, or forgery of a previous deed. The owner’s policy protects the buyer from the covered risks listed in the policy.
There are separate types of policies for commercial and residential property. The T-1 is commonly used for commercial property and undeveloped land. The T-1R is for most residential property.
For a complete list of covered risks in the T-1 policy, see the Covered Risks section of the owner’s policy.
For a complete list of covered risks in the T-1R policy, see the Covered Title Risks section of the residential owner’s policy.
The loan policy is issued to the mortgage lender. It protects the lender’s interest in the property until the borrower pays off the mortgage. For a complete list of covered risks, see the Covered Risks section of the Loan Policy.