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The word "Title" is a legal term that means you have legal ownership of property. You obtain title to property when the owner signs the deed (transfer document) over to you. Title is then registered in the governments land registration system.
Title Insurance is a type of insurance policy that protects residential or commercial property owners and their lenders against losses related to the property's title or ownership.
In the state of Virginia title insurance is a choice made by the home buyer. The decision on whether or not you should purchase title insurance should be discussed with your lawyer, title insurance company or insurance agent/ broker, to fully understand what type of protection title insurance can provide you, and to determine if other options exist. Once you recieve all the facts, you can make an informed decision based on your specific situation and needs . It is important to keep in mind that title insurance does not replace legal advice when purchasing a property.