Title Insurance Protects Your Biggest Investment

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The biggest investment you will make in your lifetime will probably be the purchase of a home. So before you sign on the dotted line, you want to be certain that the property's title is free of other claims.

A title insurance company does all the research to insure that a property has clear title. Making sure that a property is clear of all legal encumbrances is the job of a title company.

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 insurance company searches the title history of the property. The title company can almost always find any title problems that may arise and clear up these problems before you close on the property.

Because Real Estate Law is so complex, 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 title insurance owner's policy will describe the property and outline the limitations on your ownership. It will also cover what the title company is responsible for. 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 the title at no expense to you.
  • Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". 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 company will find these problems, or if they miss them, protect you from financial loss - up to the amount of the policy.

At Price Mortgage Group LLC, we answer questions about this process every day. Give us a call: 405-513-7700.

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