Title Insurance for Your Peace of Mind
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Buying a home will likely be the biggest investment you make in your lifetime. Before closing on the house, you will want to know that no other individual or entity has a right, lien or claim to the property.
A title company ensures that your new home is free of encumbrances and other legal obstacles.
You pay the title insurance company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.
The title company searches the property's title history. The title insurance company can almost always identify any title problems that may arise and have these problems cleared-up prior to closing.
Because Real Estate Law is so complicated, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem with the title to your property. Your owner's policy will describe the property and outline the limitations on your ownership. It will also set forth the title insurance company's responsibilities should any claim covered by the policy terms arise. Typically your title insurance will protect you in the following cases:
- Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. If this happens, the title company will defend your title at no expense to you.
- Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Many other complicated problems define "Defective title." The title insurance policy will protect you from these errors if the title company doesn't discover them.
Diane Giannelli can walk you through the pitfalls of getting a mortgage. Call us at (760) 228-2262.