A title insurance policy is an agreement with a insurance company which contracts to indemnify the insured against a loss sustained as a result of defects in the title, other than those outlined as exceptions. The title policy can insure the owner, a lender, a mortgage holder, or a holder of any interest in the property. The title insurance company agrees to defend, at its expense, any lawsuit affecting title which is based upon issues outlined in the policy.
Currently there are two title companies offering Title Insurance in Mexico; Stewart Title Latin America and Fidelity National Title de Mexico/Armoursecure. Both companies also offer escrow services for the management of funds in a transaction which is very important. Please note that escrow accounts with these companies are generally not interest bearing unless otherwise arranged.
Please contact your Timothy Real Estate Group professional for the latest update in Title Insurance for homeowners.