Title Insurance Protects Your Investment

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Purchasing a home is probably the largest investment you will make in your lifetime. So before you commit to the transaction, you want to be certain that the "title" of the property is clear of any other claims.

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 performs an extensive search on the title history of the property. The title company can usually identify any title problems that may arise and clear up these problems 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 selling your property. Your owner's policy will describe the property and outline the limitations on your ownership. It will also set forth the title company's responsibilities should any claim covered by the policy terms arise. 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. In this case, the title company will defend your title and will cost you nothing.
• Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Any number of other complicated problems define "Defective title." The title insurance policy will protect you from these errors if the title company misses them.

Tenby J. Dahman The Dahman Team can answer questions about title insurance and many others. Call us: 3038627760.