
Title insurance is designed to protect you from claims made against the title of the home you're purchasing. When you go to the closing table, one of the items on the closing papers will be title insurance. Your lender will generally require it for their protection, but you want to have your own (homeowners) policy, as well. Then you can feel secure that your home is covered. Just like with other forms of insurance, title insurance is coverage that you hope to never need, but that you still want to have for safety.




An attorney overview of the top 10 reasons property owners should have title insurance to protect their property interests.Learn more:https://provenresource.com/the-top-10-reasons-property-owners-should-have-title-insurance/


Benefits of an Owner’s Title Insurance PolicyWhen you purchase title insurance on a property, a complete search of the public records is completed.The searcher will go back as far as the public records will take them, in many cases even before a house existed on the land.
It’s not uncommon to find references to a horse trail that at one time may have existed on your property, or possibly some other historic use of your land.
The searcher is looking for anything that may have occurred during the chain of ownership that would affect your ability to enjoy free and clear ownership or access to the property.
Here are a few examples of title defects that would most likely be covered by owner’s title insurance.Old mortgages that were never fully paid off or satisfied of recordPrevious foreclosures that might not have been processed correctlyBankruptcy issuesUnpaid inheritance taxesLost heirs that might have a claim to the propertyPrevious tax sales where the property owner never received legal notice of the tax saleDivorce issues where the property was not properly conveyed from one spouse to anotherUnusual easements that give others access to use your propertyUnpaid contractors who filed a mechanics lienUnpaid real estate taxes, unpaid municipal liens (water, sewer, gas, trash)Unpaid IRS Liens, unpaid state tax liens, etc.If and/or when one of these issues pop-up, you’ll be happy that you purchased an owner’s title insurance policy.
Not only does the policy protect you from financial loss, up to the amount that you paid for the property, but it also covers your legal fees to protect and defend your interests in the property and they can add up quickly.
How much does Owner’s Title Insurance cost?A lot less than you might think!Unlike most insurance products, there is no monthly or annual premium for title insurance.

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