Title Insurance for Your Peace of Mind
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Buying a home may be the largest investment you make in your lifetime. Before you close, you will want to know that no individual or entity has a claim or lien to the property.
A title company ensures that your new property 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 title history of the property. The title company can almost always find any title problems that may arise and have these problems cleared-up 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 any recorded limitations on your ownership. It will also cover what the title company is responsible for. Title insurance usually covers:
- 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 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. Any number of other complicated problems define "Defective title" or "Clouded Title." The title company will uncover these problems, or if they miss them, insure your loss up to the amount of the policy.
Prime Capital Mortgage Corp can walk you through the pitfalls of getting a mortgage. Give us a call: 248-644-1200.
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