Title Insurance Protects Your Home Investment

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Buying a home will likely be the biggest investment you make in your life. 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.

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 performs an extensive search on the property's title history. The title insurance company can almost always identify any title problems that may arise 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 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. Title insurance covers the following:

• Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. If this happens, the title insurance 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" or "Clouded 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. Call us at 405-513-7700.