Why the Need for Title Insurance?
When you buy a home, or any property for that matter, you expect to enjoy certain benefits from ownership. For example, you expect to be able to occupy and use the property as you wish, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell or pledge your property as security for a loan. A title insurance policy takes the risk out of purchasing property whose legal history is unknown to you. Although there shouldn’t be any risks in acquiring property, they do exist.
Through out history, your property probably has changed ownership many times through sales or possibly inheritance or foreclosure. Each time it changed hands, another opportunity for a mistake, or an error in title had arisen. If an error had occurred and was never brought to attention, your title could be jeopardized. You could lose your property and the money you paid for it, or the money you have spent to improve it. And, even if you successfully defend your rights, the cost you’ve paid in stress, time, and monetary fees have taken their toll.
Below is a list of potential risks in which a title policy issued by TitleWorks, LLC protects you against:
- Confusion in similarity of names
- Forged documents
- Signatures of minors or mentally incompetent persons
- Mistakes in recording legal documents
- Undisclosed or missing heirs
- Fraud
- Invalid divorces
- Misrepresentation of marital status
- Unpaid taxes or assessments
- Clerical errors in public records
- Wills not probated
In simple terms, if a flaw in title is discovered and your rights of ownership is challenged, a title policy provides coverage for legal expenses to defend title and provide for reimbursement in the event of a loss.
Most importantly, a title insurance policy issued by TitleWorks, LLC guarantees that the property you are purchasing is free of undisclosed liens, confusion in the rights of ownership, and other clouds on the title. In short, it guarantees that you own the property for which you bargained.
Learning Resources
What is Title Insurance?
10 Common Title Problems
10 Common Title Problems
This type of insurance provides homebuyers and lenders with vital protection against losses from certain title issues including forgery, fraud, and liens – problems that might limit a homeowner’s use and enjoyment of their property.
10 Common Title Problems
10 Common Title Problems
10 Common Title Problems
Every property has a history, and that history can affect your right to own and enjoy your home. A title search can help uncover — and remedy — title defects tied to your property.
What is Escrow?
10 Common Title Problems
Types of Title Policies
"Escrow" is a term that describes the neutral third-party handling of funds, documents, and tasks specific to the closing/settlement, as outlined on the real estate purchase agreement or sales contract. The purpose of escrow is to facilitate the transaction by managing the disbursement of funds and documents.
Types of Title Policies
Title Insurance Policy Premium
Types of Title Policies
As a buyer of real estate property, you'll want to protect your investment — and the ownership rights that come with it. That's why it's wise to purchase an owner's policy of title insurance in conjunction with the loan policy your mortgage lender will require you to purchase.
The loan policy insures the lender against covered title def
As a buyer of real estate property, you'll want to protect your investment — and the ownership rights that come with it. That's why it's wise to purchase an owner's policy of title insurance in conjunction with the loan policy your mortgage lender will require you to purchase.
The loan policy insures the lender against covered title defects up to the amount of the insurance, while an owner's policy protects your interest in the property.
Title Search Process
Title Insurance Policy Premium
Title Insurance Policy Premium
When you purchase title insurance, title professionals will conduct a public records search to identify and remedy, if possible, any issues or "clouds" that could affect your right to own or enjoy your property. A title search is a complex process, one that few homeowners recognize at the time they purchase their home. Find out what go
When you purchase title insurance, title professionals will conduct a public records search to identify and remedy, if possible, any issues or "clouds" that could affect your right to own or enjoy your property. A title search is a complex process, one that few homeowners recognize at the time they purchase their home. Find out what goes into a title search — and how it can help protect your rights.
Title Insurance Policy Premium
Title Insurance Policy Premium
Title Insurance Policy Premium
While you may have an idea of how traditional insurance models work, title insurance differs in how premiums are paid and how coverage is offered. When you purchase an owner's policy of title insurance, you'll only pay a single premium.
That's because the policy offers protection from past events that could affect your future home-ownersh
While you may have an idea of how traditional insurance models work, title insurance differs in how premiums are paid and how coverage is offered. When you purchase an owner's policy of title insurance, you'll only pay a single premium.
That's because the policy offers protection from past events that could affect your future home-ownership rights, rather than against issues that could occur in the future. Learn about title insurance premium costs, how they are calculated and what they cover.