Protecting Your Home with Title Insurance

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Buying a home may be the largest investment you make in your life. So before you sign on the dotted line, you must be certain that the "title" of the property is clear of other claims.

A title insurance company ensures that your new home is free of 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 performs an extensive search on the title history of the property. The title company can usually find any title problems and have these problems cleared-up 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 selling 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. If this happens, the title company will defend your 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. Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Many other complicated problems define "Defective title." The title insurance company will find these problems, or if they miss them, protect you from financial loss - up to the amount of the policy.

Price Mortgage Group LLC can walk you through the pitfalls of getting a mortgage. Give us a call at 405-513-7700.

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