Protecting Your Home with Title Insurance

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Buying a home will likely be the biggest investment you make in your lifetime. Before you close, you will want to know that no individual or entity has a right, lien or claim to the property.

A title insurance company ensures that your new home won't surprise you with 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 insurance company performs an extensive search on the property's title history. Through its research, the title company can almost always identify any title problems and clear up these problems before you close on the property.

Real Estate law is extraordinarily complex. 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 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. 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 and will cost you nothing.
  • 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. Any number of other complex problems define "Defective title." The title company will discover these title 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. Call us at 405-513-7700.

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