Title Insurance = Peace of Mind
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Purchasing a home is probably the single largest investment you will make in your lifetime. Before you close, you will want to know that no other individual or entity has a right, claim or lien to the property.
A title insurance company ensures that your new home won't surprise you with expensive encumbrances and other legal obstacles.
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 company searches the property's title history. Through its research, the title company can almost always identify any title problems and clear up these problems prior to closing.
Real Estate law is extraordinarily complex. 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 insurance company is responsible for. Typically your title insurance will protect you in the following cases:
- 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 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." The title company will find these problems, or if they miss them, insure your loss up to the amount of the policy.
House Loans Mortgage Services Corp can answer questions about title insurance and many others. Give us a call at 877-696-4687.