Title Insurance Protects Your Home Investment
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Purchasing a home is likely the largest investment you will make in your lifetime. So before you commit to the transaction, you must be sure that the property's title is free of any other claims.
A title insurance company ensures that your new home doesn't carry encumbrances and other legal obstacles.
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 company performs an extensive search on the title history of the property. Through its research, the title insurance company can usually find any title problems and have these problems cleared-up 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 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 — 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 at no expense to you.
- 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 complex problems define "Defective title" or "Clouded Title." The title insurance company will uncover these problems, or should they miss them, insure your loss up to the amount of the policy.
For more even info on title insurance, click the following link to download a free guide on title insurance: Title Insurance Guide.pdf
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