Protecting Your Home with Title Insurance
Searching for mortgage advice? We'll be glad to talk about your mortgage needs! Give us a call at 248-644-1200. Want to get started? Apply Online Now.
Purchasing a home is likely the biggest 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.
Determining that your rights and interests to the property are clear is the business 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 searches the property's title history. Through its research, the title company can usually identify any title problems and clear up these problems before you close on the property.
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 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. In this case, the title company will defend your 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". 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 company will discover these problems, or should they miss them, insure your loss up to the amount of the policy.
Prime Capital Mortgage Corp can answer questions about title insurance and many others. Give us a call at 248-644-1200.
Got a Question?
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.