Title Insurance Protects Your Home Investment
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Purchasing a home is likely the largest investment you will ever make. So before you commit to the transaction, you want to be certain that the property's title is free of any other claims.
A title insurance company ensures that your new property 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 property's title history. Through its research, 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 title insurance owner's policy will describe the property and outline any recorded limitations on your ownership. It will also cover what the title insurance company is responsible for. 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 complex problems define "Defective title." The title insurance policy will protect you from these errors if the title company doesn't discover them.
At Hancock Mortgage Partners, LLC NMLS# 229844, we answer questions about this process every day. Give us a call: 225 819 7670.