Title Insurance for
Your Peace of Mind
Purchasing a home is probably the single largest investment you will ever make. Before you close, you will want to know that no other individual or entity has a claim or lien to the property.
Determining that your rights and interests to the property are clear is the business of a title company.
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 title history of the property. Through its research, the title insurance company can usually find any title problems that may arise and clear up these problems before you close on the property.
Because Real Estate Law is so complicated, 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 covers the following:
Contested Title
Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. If this happens, the title company will defend the title at no expense to you.
Defective Title
Of course, you'll have to pay for the process of refinancing. When you refinance, you're paying for basically the same things you were charged for when you obtained your existing mortgage. Included in your costs may be a"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." The title insurance policy will protect you from these errors if the title company doesn't discover them.T appraisal, underwriting fees, lender's title insurance, settlement costs, and other expenses.
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