Title Insurance for Your Peace of Mind
Shopping for a mortgage? We can assist you! Call us at 3038627760. Ready to begin? Apply Online Now.
The biggest investment you will make in your life will probably be purchasing a home. So before you sign on the dotted line, you want to be sure that the property's title is clear of other claims.
Determining that your rights and interests to the property are clear is the business of a title company.
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 insurance company performs an extensive search on the title history of the property. The title insurance company can almost always find any title problems 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 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. If this happens, the title insurance company will defend your 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. Any number of other complicated problems define "Defective title" or "Clouded Title." The title insurance policy will protect you from these errors if the title company doesn't discover them.
At Tenby J. Dahman The Dahman Team , we answer questions about this process every day. Give us a call: 3038627760.