Protecting Your Home with Title Insurance
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The biggest investment you will make in your lifetime will probably be the purchase of a home. Before closing on the house, you'll want to know that no other individual or entity has a claim or lien to the property.
A title insurance company does all the research to insure that a property has clear title. Making sure that a property is clear of all legal encumbrances is the job 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 insurance company performs an extensive search on the title history of the property. Through its research, the title insurance company can almost always identify any title problems that may arise and clear up these problems prior to closing.
Real Estate law is extraordinarily complicated. 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 title insurance 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. In this case, the title insurance company will defend the 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. Many other complex problems define "Defective title." The title company will find these problems, or if they miss them, protect you from financial loss - up to the amount of the policy.
Trustin Mortgage, LLC can walk you through the pitfalls of getting a mortgage. Give us a call: (302) 765-8089.
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