I asked ChatGPT (a chatbot launched by OpenAI) to list the main reasons to get Title Insurance. Surprisingly, it listed some key reasons rather quickly.
Check out ChatGPT’s answers below (unedited).
Title insurance protects a property owner or lender from financial loss due to defects in the title to a piece of real estate. The main reasons to get title insurance include:
- Protection against unknown liens or claims: Title insurance covers any liens or claims that may have been made against the property in the past, but were not discovered during the title search.
- Protection against fraud: Title insurance protects against fraud, such as forged documents, that may have been used to transfer ownership of the property.
- Protection for lenders: Title insurance also protects lenders from financial loss in the event that there are defects in the title to the property.
- Protection for buyers: Title insurance is also beneficial for buyers of property, as it provides protection against any legal disputes that may arise from the property’s title.
- Protection against errors in public records: Title insurance provides protection against errors or omissions in public records, such as mistakes in the legal description of the property or in the chain of title.
In my opinion, it is a little bit scary that AI can pull this information and put it into a mostly grammatically correct answer. But I’ll admit that it is fascinating and was also correct.