Protecting Your Home with Title Insurance

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Purchasing a home is probably the single biggest investment you will make in your lifetime. So before you close, you need to be sure that that no one else can claim the property.

A title company ensures that your new property won't surprise you with expensive encumbrances and other legal obstacles.

For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.

The title insurance company searches the property's title history. Through its research, the title company can almost always find any title problems and clear up these problems prior to closing.

Because Real Estate Law is so complicated, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem with the title to your property. Your owner's policy will describe the property and outline any recorded limitations on your ownership. It will also set forth the title company's responsibilities should any claim covered by the policy terms arise. Typically your title insurance will protect you in the following cases:

  • Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. 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. Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Many other complicated problems define "Defective title." The title insurance policy will protect you from these errors if the title company misses them.

At MidTowne Mortgage, we answer questions about this process every day. Call us: (478) 746-2063.

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