Title Insurance for Your Peace of Mind
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Buying a home will likely be the biggest investment you make in your life. Before closing on the house, you will want to know that no individual or entity has a lien or claim to the property.
Determining that your rights and interests to the property are clear is the business of a title company.
You pay the title 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 insurance company can almost always 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 with the title to your property. 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. Typically your title insurance will protect you in the following cases:
- Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. If this happens, the title insurance company will defend your title at no expense to you.
- Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Defects are rare, but they can be very difficult, making the property inaccessible, unable to be built, or unsaleable. Any number of other complex problems define "Defective title." The title insurance policy will protect you from these errors if the title company misses them.
At Jim Dorney, we answer questions about this process every day. Give us a call at (303) 443-5566.
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