Q: I have been told by real estate agents and closing attorneys that it is a good idea to get owner's title insurance on your home. Is title insurance available for fractional interests?

A: Title insurance is available for fractional interests since fractional interests are real property interests. Just like when you buy a home, it is advisable to purchase an owner's title insurance policy for a fractional interest as it protects you in the event a claim is made against your title to the fractional interest. Since you own a fractional interest in a property as a tenant in common with other purchasers, title insurance may be even more important by recognizing and protecting your specific fractional interest in the property in case a claim is made against the property through the title of one of the other purchasers. Title insurance fees are paid only once, at the time of purchase of the fractional interest. Because sales of fractional interests in homes are less common than sales of whole ownership interests in homes, not all title insurance companies will offer title insurance policies for fractional interests. However, several well-respected title insurance companies not only offer title insurance policies for fractional interests, but have created specific divisions within their companies to expressly offer title insurance services for fractional projects.

This column is designed to provide information in regard to the subject matter covered. It is not intended to render legal advice. If legal advice is required, seek the services of an attorney. By Raghu R. Raju, an attorney of Weinstock & Scavo, P.C.; rraju@wslaw.net; www.wslaw.com.

Have a question you would like answered in this column? Please contact James J. Scavo at jscavo@wslaw.net or c/o Weinstock & Scavo, P.C., 3405 Piedmont Road, Suite 300, Atlanta, GA 30305.