Your Complete Guide To Buying A Title Insurance Policy

YOUR COMPLETE GUIDE TO BUYING A TITLE INSURANCE POLICY

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Buying real estate should never feel like a sly deal. Do you get the feeling there’s something they aren’t telling you? If you ever find yourself questioning the legitimacy of the seller’s word on what’s included in the deed, you need a title insurance agent to take a closer look.Real property transactions present a challenge for home buyers on the outside. The average person does not have a lot of experience with buying homes. That’s where title insurance comes in to assure the investment they are about to make is valid and protected from losses. A�er all, it may be the largest transaction you will ever make.

THE TITLE SEARCH AND CHAIN OF TITLE RECORD You want to be certain there will be no surprises following your settlement. Conducting a thorough title search ensures that you don’t overlook any inconsistencies with what you’re paying for and what you actually get. Without an experienced title agent, you could lose your claim to the property even if you’ve already paid for it! The main reason you need title insurance is to research the chain of title and uncover exactly who holds possession of the title or what will be granted to the new owner upon transfer of the deed.

TITLE INSURANCE PROTECTS AGAINST HOW ISSUING A TITLE POLICY WORKS OWNERSHIP CLAIMS At the time of closing your new home, both you One of the main reasons a home buyer needs title insurance is to protect against claims of ownership. How can you be sure the sale is even legit? There are instances where a person may pose as the owner and rightful seller of the home, but you find out they are not. This is up to your title insurance agent. The rightful owner of the property can be found by searching the the “chain of title” through publicly recorded transfers of ownership.

and the lending institution you choose should be issued a title insurance policy. The bank or financier relies on the lender’s policy to protect their loan or investment in the property. The home buyer’s policy protects the customer’s interests when purchasing real property from any disputes that may arise from the transfer of ownership. In addition, it helps to outline any special circumstances that apply to the property such as restrictions, encumbrances, and defects that limit the activities or use of the land or property. An underwriter is responsible for outlining any details that affect real property.