Title Insurance for Your Peace of Mind
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The biggest investment you will make in your lifetime will likely be the purchase of a home. So before you close, you need to be sure that that nobody else can claim the property.
A title company ensures that your new home doesn't carry 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 insurance company searches the property's title history. Through its research, the title company can usually identify any title problems and have these problems cleared-up 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 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 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. If this happens, the title company will defend the 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.
Trustin Mortgage Corporation can walk you through the pitfalls of getting a mortgage. Call us at (302) 765-8089.
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