Title Insurance

By
Real Estate Broker/Owner with Morningside Homes, LLC 720-231-5200 DRE# ER300941
 

Most people who have car, home and health insurance have probably made claims and wouldn't consider being without it.  However, it might be difficult to find a homeowner who has made a claim on their title insurance which could lead a person to think that it may not be necessary. 

Title insurance covers the largest investment most people have and if there was a loss, it could be devastating.  Title insurance indemnifies the policy holder from financial loss sustained from defects in the title to the property.  The policy holder is determined by their interest in the property.  

An owner's title policy protects the owner of the property from title issues that may arise other than the mortgages that are being placed on the property at the time of purchase.  The title of the property goes back in time to check that clear title (no unsatisfied liens or levies and poses no question to legal ownership) was passed from owner to owner up to the current seller.

A mortgagee's or lender's policy protects the lender by guaranteeing they have an enforceable lien on the property and legal claims from parties asserting they have a claim against the property.  Lender's generally require the borrower to provide this coverage.

The title search is an examination to determine and confirm legal ownership and if there are clouds on the title so the seller can pass a clear title.  A cloud is defined as any document, claim, unreleased lien or encumbrance that might invalidate or impair the title to real property.

If a person passes title to a buyer that has unsatisfied liens on the property, the new buyer could become responsible for the money owed and it could affect their ability to sell the property in the future.

Unlike most insurance that has a specific term and periodic premiums, title insurance covers the insured for a single premium.  An owner's policy lasts for as long as they or their heirs have an interest in the property.  It guarantees the title up to the date and time that the property was deeded to you and recorded in the public records.

The majority of homes purchased in America have title policies insuring the new owner.  You could live in the home for five, ten or twenty years without an incident.  Then, when you're ready to sell the home, a title claim could happen.  The title policy would still protect you at that point.  It is a peace of mind coverage that is part of the investment in your home.

Posted by

Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas 

Chris and Patty

    Helping Families Move with Care

  If you would like to be sent properties on a daily or weekly  basis just call or email me and let me know your wants and  needs. A match will be made with a home you love and with  monthly payments you can afford. I specialize in first time                       home buyers and sellers who are ready to make a move.

                                                    

 

Morningside Homes, LLC
patty@morningsidehomes.com

www.morningsidehomes.com
Cell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Tags:
first time home buyers
homes for sale aurora
homes for sale denver aurora
whats my home worth arapahoe county

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
483,769

Patty Clark

Helping Families Move with Care
Ask me a question
*
*
*
*
Spam prevention

Additional Information