Let me take a few moments to explain why title insurance is so important. Title insurance is intended to protect the insured from improper titling, including defects in foreclosures (as you call tell we have had a lot of that in our area), proceedings, forgery, or impersonations or cases on which no title is legally conveyed. Other defects to keep in mind are partial, such as garage encroaching on the insured person property, or a neighboring fence.
The title insurance industry recently set down strict guidelines for when and if they will insure a title to the property on which there has been a foreclosure. The buyer should be equally vigilant, insisting and paying for an owners policy as well as the lender policy that the bank will demand.
The real estate industry has experienced it's share of ups and downs over the past year, but if you make sure to stick with a reputable title company like Title Junction you are sure to make the road ahead a lot less bumpy!
Source: Washington Post
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