Title Insurance for Your Peace of Mind
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Purchasing a home is probably the biggest investment you will make in your lifetime. Before you close, you'll want to know that no individual or entity has a claim or lien to the property.
A title company ensures that your new home won't surprise you with 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 title history of the property. Through its research, the title company can almost always find any title problems that may arise 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 any recorded limitations on your ownership. It will also cover what the title 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. In this case, 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". Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Many other complicated problems define "Defective title." The title insurance company will discover these problems, or if they miss them, insure your loss up to the amount of the policy.
Hancock Mortgage Partners, LLC NMLS# 229844 can answer questions about title insurance and many others. Give us a call: 225 819 7670.