Title Insurance for Your Peace of Mind

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Purchasing a home is probably the largest investment you will make in your lifetime. So before you sign on the dotted line, you must be sure that the "title" of the property is free of any 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 insurance 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 company searches 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 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 owner's policy will describe the property and outline the limitations on your ownership. It will also cover what the title insurance company is responsible for. Title insurance covers the following:

• 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 — 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 complex problems define "Defective title" or "Clouded Title." The title insurance policy will protect you from these errors if the title company misses them.

Price Mortgage Group LLC can answer questions about title insurance and many others. Give us a call at 405-513-7700.