Protecting Your Home with Title Insurance

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The biggest investment you will make in your lifetime will probably be the purchase of a home. So before you close, you need to know that no one else can claim the property.

A title insurance company ensures that your new home won't surprise you with encumbrances and other legal obstacles.

For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.

The title company searches the property's title history. The title company can usually find any title problems and clear up these problems before you close on the property.

Real Estate law is extraordinarily complicated. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your title insurance owner's policy will describe the property and outline the limitations on your ownership. It will also cover what the title company is responsible for. Title insurance usually covers:

  • Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. In this case, the title insurance company will defend the 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". Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Many other complex problems define "Defective title." The title company will uncover 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: 407-834-3377.

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