Protecting Your Home with Title Insurance

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Purchasing a home is likely the single biggest investment you will make in your lifetime. Before closing on the house, you'll want to know that no other individual or entity has a lien or claim to the property.

Determining that your rights and interests to the property are clear is the business of a title company.

You pay the title company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.

The title insurance company searches the title history of the property. The title insurance company can almost always find any title problems and clear up these problems prior to closing.

Because Real Estate Law is so complex, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem with the title to your property. Your owner's policy will describe the property and outline the limitations on your ownership. It will also set forth the title insurance company's responsibilities should any claim covered by the policy terms arise. Title insurance usually covers:

  • Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. In this case, the title company will defend your title and will cost you nothing.
  • Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Any number of other complicated problems define "Defective title." The title company will discover these problems, or if they miss them, protect you from financial loss - up to the amount of the policy.

Contemporary Mortgage Services, Inc can answer questions about title insurance and many others. Call us at 407-834-3377.

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