Title Insurance = Peace of Mind
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The biggest investment you will make in your life will probably be purchasing a home. So before you close, you need to know that no one else has a claim to the property.
A title company ensures that your new home won't surprise you with expensive encumbrances and other legal obstacles.
You pay the title company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.
The title company searches the property's title history. Through its research, the title company can usually find any title problems that may arise and clear up these problems before you close on the property.
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 with the title to your property. Your owner's policy will describe the property and outline the limitations on your ownership. It will also set forth the title 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. If this happens, 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. Any number of other complex problems define "Defective title" or "Clouded Title." The title company will find these problems, or if they miss them, insure your loss up to the amount of the policy.
Custom Lending Group can walk you through the pitfalls of getting a mortgage. Call us: (707) 252-2700.