Buying a home is one of the most important decisions many people make in their lifetimes. It is a huge decision so you want to be sure you protect your investment. Title insurance protects you against a number of title defects that could jeopardize your new purchase, such as an unsatisfied mortgage lien, unpaid taxes, judgments or other recorded claims against the property. It is protection against loss arising from problems connected to the title to your property
Before you purchased your home, it may have gone through several ownership changes. During the process of changing hands, claims or issues may have risen. Examples of claims include: fraud or forgery in previous documents, improperly filed liens and mortgages, undisclosed heirs or others having a claim to the title. Title insurance is your policy of protection against foreseeable or unforeseeable claims against your home.
A title search is a process of investigation of a property history. The investigation of relevant records for variances or irregularities associated with the property is done. Examples of records searched are deeds, court records, and property/name indexes. A search is required by mortgage lenders before they will loan the money.
In most cases there is only one fee charged at the time of the issuance of the policy and there is no further premium or renewal to be paid.
Comments (4)Subscribe to CommentsComment