Insurance gives protection and the house that protects you should also be protected likewise. Your house may have changed many hands over the past years, irrespective of the fact that it is new or old. To ensure that the documents were not mishandled in any way you must check the insurance of the title to save all troubles. You may know some of the common problems that are associated with the title of a property like having errors in the record entry in the registers, boundary issues generated from improper surveys, undiscovered will and missing heirs but the problems are not limited only to these. Continue reading
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What You Need to Know about Title Insurance
Despite being intrinsically tied to most real estate transactions in the United States, title insurance is seldom understood by prospective home buyers. Here are five concise facts about title insurance that you should know before going to the closing table:
1 – Title Insurance is an Indemnity Contract
In essence, a title insurance policy is a legal pledge by an insurer that legal interest in a real property is properly transferred and conveyed. A title insurance policy offers coverage in case of financial loss caused by a deficiency that may strip title away from an owner or lien holder. In other words, a title insurance company provides assurance to a homeowners and mortgage lenders that they can take ownership interest in a property. Continue reading