Title Insurance for Your Peace of Mind
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Purchasing a home is probably the biggest investment you will ever make. Before closing on the house, you will want to know that no individual or entity has a right, lien or claim to the property.
A title company ensures that your new property 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 insurance company searches the property's title history. The title company can almost always identify any title problems and have these problems cleared-up prior to closing.
Real Estate law is extraordinarily complex. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your title insurance 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. Title insurance covers the following:
- Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. In this case, the title company will defend your title and will cost you nothing.
- Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Any number of other complex problems define "Defective title" or "Clouded Title." The title insurance policy will protect you from these errors if the title company misses them.
At Lear Financial Group LLC.
, we answer questions about this process every day. Give us a call: 214-869-7339.