Why You Need Title Insurance
When dreaming about buying a new home seldom most think about getting a loan, what type of home to buy, the location they would like to consider and how much they can afford. Seldom do buyers think of the risks that can come with buying property. Common risks can include financial loss and property claims that can lead to legal costs which would fall to the new owner to cover in an effort to protect their investment. Some issues associated with a home can include fraud, liens, undiscovered will, missing heirs and so on.
Masters Title, Inc. provides closing services that include concessive title search and title insurance that provide protection from being liability if any issues develop with acquiring ownership of a new home.
The Title Search
Our title professionals will conduct a thorough search of the property you are interested in buying to discover any problems with the home’s title. A title search includes reviewing the land records that possible go back many years.
FACT: More than 1/3 of title searches reveal a title problem that needs to be fixed prior to closing by the title agent.
Example: Previous owner renovated the home but failed to pay the balance owed to the construction agency.
Example: Property taxes were not paid and there is a lien on the home.
The Owner’s Title Policy
On occasion title problems may not be found until after the sale of the home. To protect the buyer if this happens, an Owner’s Policy of Title Insurance insures the buyer will not be effected by these unforeseen problems.
Owner’s Title Insurance, also know as an Owner’s Policy, is typically issued in the amount of the real estate purchase. This one-time fee at closing will protect the buyer from any problems for the length time of ownership covering the buyer and future heirs of the property.