Business contracts are legally enforceable agreements that help businesses run smoothly. Creating and using contracts during transactions is a smart way to go, especially when disputes happen regularly.
Title insurance is an essential part of any land purchase. It covers unknown defects in the chain of title that existed at the time you purchased the property. A chain of title is the historical line of ownership of the land. Thus, if the prior owner or owner before that did something that would put their ownership of the land into question, title insurance protects you, as the current holder of title from losing your ownership interest, or if it is not a defect that can be cured, reimburses you for your loss. It also covers the legal fees in order to defend title in court.