Title Insurance Protects Your Investment

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Buying a home will likely be the biggest investment you make in your life. So before you sign on the dotted line, you must be certain that the property's title is free of other claims.

A title 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.

For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.

The title company performs an extensive search on the property's title history. The title insurance company can almost always find any title problems and clear up these problems before you close on the property.

Because Real Estate Law is so complicated, 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 with the title to your property. Your owner's policy will describe the property and outline the 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 company will defend your 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 complicated problems define "Defective title" or "Clouded Title." The title insurance company will uncover these title problems, or if they miss them, insure your 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 at 405-513-7700.