The primary purpose of a statutory notice regarding title insurance is to protect whom?

A statutory notice regarding title insurance serves primarily to protect owners who are consumers of title insurance products. This notice is designed to inform property owners about the nature and importance of title insurance, ensuring they are aware of their rights and the protections afforded to them by purchasing such insurance.

Title insurance provides a safeguard against potential title defects, which can include issues like unpaid liens, undisclosed heirs, or fraud. By receiving a statutory notice, property owners are better equipped to understand the coverage they are receiving and the significance of this type of insurance in safeguarding their property investment. The notice also helps ensure transparency in the transactions, allowing property owners to make informed decisions.

While lenders, title insurers, and title producers may benefit from the information provided by a statutory notice, the primary focus is on the property owners who ultimately rely on title insurance to protect their interests in the property.