Protection from title issues or claims of ownership after the purchase.
Buying a home is an important investment. Title Insurance is what protects the buyer’s financial interest in their home from loss associated with title defects, liens, and other such matters. It is the most effective, most accepted, and least expensive way to protect a buyer’s home ownership investment. When you buy a home, or any property for that matter, you expect to enjoy certain benefits from ownership. For example, you expect to be able to occupy and use the property as you wish, to be free from undisclosed liens not created or agreed to by you, and to be able to freely sell or pledge your property as security for a loan. Title insurance is designed to cover these rights.
Throughout the years, your new property may have changed hands many times through sale, inheritance, foreclosure or bankruptcy. Each transfer was an opportunity for an error in the chain of title to arise. If an error occurred and has never come to light, it puts the title to your property in jeopardy.
Even though our team has provided a very thorough title search, an Owners title insurance policy will give additional protection. Here are a few of the more common title claims that could affect your property:
- Forgery and impersonation
- Lack of competency, capacity or legal authority of a party
- Mistakes in recording of legal documents
- Undisclosed or missing heirs
- Erroneous or inadequate legal descriptions
- Misrepresentation of marital status
- Undisclosed but recorded federal or state tax lien
- Undisclosed but recorded prior Mortgage
- Clerical errors in public records Wills not probated
- Invalid Divorces Unpaid Taxes
- Unpaid but non recorded Home Owners Association Liens