Protecting Your Home with Title Insurance

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Purchasing a home is probably the biggest investment you will make in your lifetime. Before you close, you'll want to know that no individual or entity has a claim or lien to the property.

A title company ensures that your new property doesn't carry expensive encumbrances and other legal obstacles.

You pay the title 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 title history of the property. The title company can usually identify any title problems that may arise and clear up these problems before you close on the property.

Real Estate law is extraordinarily complicated. 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 usually covers:

• 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 the 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. Any number of other complex problems define "Defective title" or "Clouded Title." The title company will discover these problems, or if they miss them, protect you from financial loss - up to the amount of the policy.

At Executive Lending Group, we answer questions about this process every day. Call us: 4056158543.