What Do Title Companies Do For Home Buyers
Think about it, you purchase your very first home on a piece of land that you’ve financed for years. Then one day someone knocks on your door and claims that the property you’ve been living on is in fact theirs. The man who sold you the house failed to recognize that his ex-wife was still a part owner and this house was sold without her consent. All of a sudden you’re spending time going to court and possibly losing your savings and property when this all could have been easily avoided with title insurance.
Title insurance is insurance that works backwards. It is guaranteeing your rights to the purchased property from the day of closing into the past. Title companies take the time to research all of the previous owners and documents tied to them in order to check that the seller has the right to be selling the property and to guarantee your full ownership so that, when it is your turn to sell, you are still working with a clean slate.
Who chooses the Title Company?
It depends on the county you are purchasing in, sometimes the seller chooses and sometimes the buyer does. This is a negotiable item in the contract, know who chooses and see what options you are able to negotiate. Usually the side that picks is the side that pays for title insurance.
How Much Will Title Insurance Cost Me?
Title companies only charge you a one-time fee for full protection. This isn’t like insurance on your car or home where you have a yearly renewal. Your fee will range based upon the sales price of the property you purchase..
What If My Title Company Misses Something?
This is a commonly asked question for homebuyers. You are investing money in your home and trusting the title company to respect that through their research. If a problem is somehow overlooked that later comes to light, the company will pay you back to make up for that unforeseen error. That is what title insurance is for.
For any questions you may have regarding your property rights and/or title insurance, call Title Junction. Make sure that you are protected and gain the closing relationship that you deserve.
Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public. Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com.
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