Title insurance insures, defends, indemnifies, and protects the policyholder against claims or losses arising from a defect or claim against the title to real property. Title insurance is usually issued to the buyer of real property by the title company that conducted the title search.
In South Carolina, title insurance is a form of indemnity insurance that protects the policyholder from financial loss related to defects or claims against the title of a piece of real property. This insurance is typically purchased by the buyer of the property, and it is issued after a title company has conducted a thorough search of the property's title history to identify any potential legal issues or claims. The title insurance policy provides coverage for legal defense against challenges to the property's title and compensates the insured for any covered losses. South Carolina state statutes and regulations govern the issuance of title insurance, and the state's Department of Insurance oversees the licensing and regulation of title insurance companies and agents operating within the state. It is important for buyers to work with an attorney or a licensed title insurance agent to ensure that the title insurance policy meets their needs and complies with South Carolina regulations.