Loading ...Title Insurance - Who? What? Why?
February 6th, 2008 by Tyler | 386 views |
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If you’re purchasing a home for the first time, you will run into this thing called Title Insurance. It’s not the same as the rental insurance you neglected to get in college because you knew all your neighbors. No, this is about 10 million times more important. Title insurance 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, and the land on which it stands went through many more. There may be a kink in the chain at any point that could become a problem. Some of these kinks could be a forged signature in transferring the title, unpaid taxes, or liens on the title. By having Title Insurance, you are insured for any claims or legal fees if these kinks were to arise.
The title company conducts an in-depth search to detect, prevent, and eliminate risks and losses caused by title problems. This is done by searching public records to develop and document the chain of title by identifying all outstanding claims. To sum it up in a nutshell, if you have a mortgage, you need title insurance. The price may seem high but if any problems were to come up, you’ll have no worries.
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This entry was posted on Wednesday, February 6th, 2008 at 10:38 am and is filed under First Time Home Buyer, Real Estate Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
February 6th, 2008 at 10:52 am
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