Title Insurance for Your Peace of Mind
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Buying a home may be the biggest investment you make in your lifetime. Before you close, you'll want to know that no other individual or entity has a right, lien or claim to the property.
A title insurance 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 title history of the property. The title insurance company can almost always identify any title problems and clear up these problems before you close on the property.
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 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 usually covers:
- 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 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. 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 complicated problems define "Defective title" or "Clouded Title." The title insurance company will find these problems, or if they miss them, protect you from financial loss - up to the amount of the policy.
Hometown Financial Services can answer questions about title insurance and many others. Give us a call at (772) 252-6724.