When you buy real estate, the title company
will search the public land records to make sure the seller is the legal owner
of the property. If the title company finds a problem like an incorrect deed or
a lien on the property, it can be fixed before closing. Most people don’t run
into title problems after they buy a home, but it does happen. This is why you
should have title insurance.
Types of Title
Insurance. Title insurance falls into one of two categories: lender’s title insurance and owner’s title insurance.
If you get a loan to buy your real estate, your lender will require a lender’s
policy based on the amount of your loan. An owner’s policy is purchased at
closing and lasts as long as you hold an interest in the property. ·
What it covers. A
basic title insurance policy protects you from any problems with a title that
were not found during the title search. Human error can lead to mistakes on
public records and forged deeds. This can and does happen. Names and legal descriptions are recorded incorrectly,
back taxes may be owed, and people die without wills specifying their heirs. ·
How it helps you. Say,
for example, that you buy a home with a utility easement in the backyard, and
the title company did not disclose this. You may not be able to add on to your
home or build a swimming pool in your yard because of this easement.
This devalues your property, and the title company will have to correct this
situation for you. In this case, your title insurance will cover the claim and
protect your investment.
As your real estate agent I will help take the
guesswork out of the closing process. Let me help you find the real estate that
fits your needs. Call me today at 972-365-6303 or email me at
Author:Go 2 Girls Realty Phone: 469-443-6537 Dated: February 11th 2014 Views: 1,779 About Go 2 Girls: Whether you are looking to find the perfect home, or buying and selling real estate to build your pr...
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"Thanks to Nathan we found our first home. He took us to see as many house till we found the right one for us. He helped us through the whole buying process so we knew exactly what was going on, exspecially when we got to the negotiating process. With out him we would have been so lost. He treated us like friends and not just another client."