|
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 the site below:****
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.
|
|
