Title Insurance Protects Your Biggest Investment

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

Determining that your rights and interests to the property are clear is the business of a title insurance 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 insurance company performs an extensive search on the title history of the property. The title company can usually find any title problems that may arise 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 title insurance owner's policy will describe the property and outline any recorded limitations on your ownership. It will also cover what the title insurance company is responsible for. Typically your title insurance will protect you in the following cases:

  • Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. If this happens, 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 complex problems define "Defective title" or "Clouded Title." The title insurance company will find these title problems, or if they miss them, protect you from financial loss - up to the amount of the policy.

Prime Capital Mortgage Corp can walk you through the pitfalls of getting a mortgage. Call us: 248-644-1200.

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