Protecting Your Home with Title Insurance

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Purchasing a home is probably the single biggest investment you will make in your lifetime. So before you close, you need to know that no one else has a claim to the property.

A title insurance company ensures that your new property is free of expensive 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 insurance company searches the title history of the property. The title company can usually identify any title problems that may arise and have these problems cleared-up 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 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 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. Many other complex problems define "Defective title." The title company will uncover these problems, or should they miss them, protect you from financial loss - up to the amount of the policy.

At Contemporary Mortgage Services, Inc, we answer questions about this process every day. Give us a call: 407-834-3377.

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