Protecting Your Home with Title Insurance

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Purchasing a home is likely the single biggest investment you will ever make. So before you sign on the dotted line, you want to be sure that the property's title is clear of any other claims.

A title company ensures that your new home is free of encumbrances and other legal obstacles.

You pay the title insurance 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 property's title history. The title company can almost always find any title problems and have these problems cleared-up prior to closing.

Real Estate law is extraordinarily complicated. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your title insurance 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. In this case, the title insurance company will defend your 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". 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 company will discover these title problems, or should they miss them, insure your 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.