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Why You Need Title Insurance
When you buy a home, you want to be certain that it is safely yours. But even the most diligent search of the public records could fail to disclose a number of title defects such as a forged will or deed, a title transfer by someone under age, or a married person conveying real estate without his or her spouse. Fraudulent impersonations. Secret marriages. Undisclosed heirs. Invalid divorces. False affidavits. The list of potential problems that can surface goes on. Without the protection of title insurance, you'll be in jeopardy of losing your investment.
First, a service known as a title search describes - as well as possible- the condition and quality of the title to the land you are buying. Then, your title insurance protects you against mistakes or threats that might otherwise result in financial loss to you - including those hidden, unknown items.
Your title insurance protection is a permanent assurance that your ownership and use will be defended promptly against claims at no cost to you, whether the claim is valid or not.
Who Title Insurance Protects
There are two basic types of title insurance protection - one for the mortgage lender and one for the homeowner or real estate investor. You pay only once. There are no renewal premiums, and there is no expiration date on the policy. Yet the protection lasts as long as you, or your heirs, retain an interest in the property.
For complete details on homeowners insurance visit: Home Closing 101
Disclaimer: The information provided on these pages is for general use, and is not intended to take the place of legal advice. For specific legal questions, please contact an attorney.