Are you new to title insurance? Don’t worry, we’ll help you learn the basics of what you need to know. Title insurance is a unique form of insurance coverage that protects home buyers from financial loss in the event there is a property problem with the title. A couple of the most common issues that arise include instances of unpaid taxes and differing property wills.
There are many reasons to protect yourself from potential liabilities that can occur by having title insurance, but we’ve put together a list of some of the most essential things that title insurance includes. Title insurance will help you to with:
Safer ownership transfers
The beauty of title insurance cover is that it enables a buyer to own a property free of any risks. The policy can indemnify you if any risks arise in the future, like a conflicting will or ownership.
Prevention of financial loss
Regrettably, some clients sell a property before clearing the loans against they took out for their home. Fortunately, title insurance will help to cushion you against any financial culpability.
Reducing worry over claims
An investor can’t be at peace if issues like ownership squabbles or loan claims arise linger. The good news is that title insurance can cover you against all these even after buying a property.
Safeguarding buyers against community property issues
In many areas, couples are free to own a property and sell it later at will. A title insurance can embolden you to buy such an asset as future legal disputes won’t affect you.
Protection against fraud
Unfortunately, some people take advantage of selling a property without the owner’s knowledge. As a result, you might carry out a fraudulent property transfer risking your hard-earned money.
Title insurance can help you to avoid an overwhelming financial loss. However, you should always engage a real estate lawyer to help you with the buying process if you are ever in any doubt.
Conclusion
Property sellers must provide a detailed disclosure about their residential or commercial property before listing them. To have peace of mind about your next property, you should apply for title insurance at your earliest convenience. If you are considering title insurance, contact us to learn more about how we can help protect you and your assets.