Title Insurance Protects Your Investment
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The biggest investment you will make in your lifetime will probably be purchasing a home. So before you close, you need to be sure that that no one else has a claim to the property.
A title insurance company ensures that your new home won't surprise you with expensive encumbrances and other legal obstacles.
You pay the title insurance 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 insurance company performs an extensive search on the property's title history. Through its research, the title insurance company can almost always identify any title problems and have these problems cleared-up prior to closing.
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 any recorded limitations on your ownership. It will also cover what the title 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 the 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". 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 complex problems define "Defective title." The title insurance company will find these problems, or should they miss them, insure your loss up to the amount of the policy.
Harbor View Lending* a DBA of Megastar Financial can answer questions about title insurance and many others. Call us at (207) 571-8034.