| The Coming Together Of Wits | | | | presently a court action to determine insolvency |
| A policy of title insurance is an agreement | | | | of the former owner of that piece of land. |
| entered into by two contracting parties and which | | | | Remember that if such issues are undecided, the |
| each party to the contract can sue and be sued. | | | | burden of redeeming them may be transferred to |
| Given the condition that each of the contracting | | | | the new owner of that piece of land. |
| parties has come to a consensus and both have | | | | A Matter of Variation among Insurers |
| fulfilled their various obligations to the agreement, | | | | Among all the active participants in the title |
| a binding contract in law has come into existence | | | | insurance industry, not everything will sound the |
| between both parties. If all the essentials of a | | | | same. It is true that the procedure may be the |
| binding contract are present; and with the | | | | same. But insurers may have varying policies |
| assumption that there is nothing to cancel any | | | | towards the insured and this may be because of |
| feature in the contract, the terms of the contract | | | | their dislike for the type of hazard which they are |
| can be set by the parties to it. It should however | | | | insuring against. For this reason, a parameter may |
| be noted that the insurer will have more | | | | be set but the type of hazard may compel the |
| knowledge on what both parties are getting into | | | | insurer to take more care in determining the rate |
| than the insured, whereas, both parties are | | | | of premium and this may be higher than what the |
| supposed to operate at par with each other. | | | | insured will normally expect. |
| Thus, the services of an attorney will be needed | | | | Given that the insured has a legal right to decide |
| by the insured. | | | | or opt for an insurer of his or her choice, he or |
| There are cases in which an agreement may be | | | | she has the duty of care to examine the policies |
| declared invalid because the terms to that | | | | presented by the insurers. It is necessary to |
| agreement were vague. It is therefore necessary | | | | carry out comparison shopping ahead of deciding |
| to be sure that the terms of the contract do not | | | | on what is considered best. |
| breach any legal provision. It should be kept in | | | | As soon as coverage is instigated in security of |
| mind that there is a legal provision of the law not | | | | title insurance, title information will be made |
| enforcing any illegal contract. This will also include | | | | available and the option of an exact coverage will |
| contracts that are void because of vagueness. | | | | also be made available. This is when the future |
| This will also apply in cases of title insurance and | | | | owner has to be very intelligent because he or |
| the law will come in to redress any provision of | | | | she has to be very conscious of the choices and |
| the insurance contract which is detrimental to the | | | | also employ a plan to take care of the risk. |
| landowner's title to land. A flaw that can also | | | | Remember that he or she has to seriously pay |
| affect the title insurance contract is any flaw | | | | particular attention to those areas where he finds |
| declared by the courts. For example if the terms | | | | himself open to risk. |
| of the contract are ambiguous or there is | | | | |