Protecting Your Home with Title Insurance
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The biggest investment you will make in your lifetime will probably be purchasing a home. Before closing on the house, you will want to know that no other individual or entity has a right, claim or lien to the property.
A title company ensures that your new property won't surprise you with 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 company performs an extensive search on the title history of the property. The title company can almost always identify any title problems and clear up these problems prior to closing.
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 title insurance owner's policy will describe the property and outline the limitations on your ownership. It will also cover what the title insurance company is responsible for. Title insurance covers the following:
- Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. If this happens, the title company will defend the title at no expense to you.
- Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. 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.
Tenby J. Dahman The Dahman Team can answer questions about title insurance and many others. Give us a call: 3038627760.