NewBuyer Blog » title insurance

What is Title Insurance

Elizabeth Dennis — Mon, 29 Aug 2011 11:51:14 +0000

Purchasing a house can be a very stressful time in someone’s life. There are one thousand decisions that must be made. Some of these choices are small while others can be quite large. One of the smaller decisions that can sometimes be forgotten is dealing with title insurance. This small insurance policy may be one of the best things you’ve ever purchased as it can protect you from any future potential problems and save the buyer thousands of dollars as well.

The main purpose of title insurance is so no one else can lay claim to your property. It will also provide future piece of mind that you will not incur any unexpected debts on your house. While you may not think that this can happen to you, it is better to be safe rather than sorry. Even if you have owned the property for years, title insurance means that the lender is reassured regarding their loan and the owner knows that they are protected from any possible problems.

There are numerous threats that can arise when it comes to property. For example, a long lost heir may suddenly materialize and claim the property, a previous owner may have taken out a loan on the property which could become the new owner’s debt, or a previous owner may have taken out a mortgage without the husband or wife knowing about it.

If any of these problems arise, a new owner may be forced to move out of the home if they don’t have title insurance. In addition, the new owner might find themselves legally bound to pay a debt on a house that is no longer yours. However, if you have title insurance than the title company will be the one to fight any battles, litigation or payments towards your case. In the extreme case you are forced to move out of the property, the title company will either pay you cash or purchase the mortgage from the lender.

While most homeowners only think about fire or flood insurance, title insurance costs very little for a lot of peace of mind. While regular insurance will allow you to keep your land in the case of your property being destroyed in a natural disaster, title insurance protects the owner if the actual house is taken away.

The nice thing about title insurance is that it will be in effect as long as you are in and own the house. In addition, after paying an initial premium there are no more fees to be paid. This is a small price to pay for the reassurance that your home cannot be taken away from you by some unforeseeable surprise that could occur at any point down the road.

Your lender should be able to show you more details on title insurance and the paperwork can be ready by the time you are ready to close on the house. While not a requirement, it is certainly worth looking into when purchasing a new home.

Title Insurance: Who Needs It?

NewBuyer — Fri, 08 Jan 2010 15:30:57 +0000

A short, yet helpful answer to the question of who needs title insurance. Learn the hazards that can pop up over time inspite of a clean title search. These include unpaid taxes, ownership claims, contractor claims and more.

From the resource: “Those (home title) records down at the property office may be official, but they may also be wrong. It’s also possible that the person who does the title search can make a mistake and also that important information may simply not be recorded.”

Source: Move.com

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The Basics of Title Insurance

NewBuyer — Wed, 06 Jan 2010 15:00:57 +0000

One-of-our favorite looks at title insurance. Topics covered are the three types of title insurance, what title insurance covers, how to save money on title insurance, title insurance pricing and the states that require title insurance.

From the resource: “Unlike home insurance and car insurance, which focus on possible future hazards and charge an annual premium, title insurance is a safeguard against loss from hazards and defects already existing in the past.”

Source: Insure.com

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What is Title Insurance?

Elizabeth Dennis — Tue, 22 Dec 2009 23:00:22 +0000

A comprehensive guide to title insurance. Learn about the two types of title insurance (owner’s title insurance and lender’s title insurance), how title insurance protects you, who pays for title insurance, how title insurance rates are calculated and more than a half dozen consumer tips.

From the resource: “Title insurance is important because it protects you from title hazards that could threaten the financial investment you have made in your home or other property. It also protects the lender’s investment.”

Source: Closing.com

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What is Title Insurance

NewBuyer — Sat, 05 Dec 2009 16:53:47 +0000

An important look at the two types of title insurance: owner’s policies and lender’s policies. Learn how both policies protect against claims of ownership and problems resulting from past (not future) events.

From the resource: “A lender’s title policy is in force as long as the loan is on the books. An owner’s policy,on the other hand, is in force as long as the owner owns the property. If the loan is refinanced, the owner’s policy remains in effect while a new policy is issued to the new lender.”

Source: Yahoo Real Estate

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All About Title Insurance

Elizabeth Dennis — Sat, 26 Sep 2009 04:23:20 +0000

A concise, yet helpful look at title insurance and “how to protect your real property against hidden risks.” A few examples of the risks connected to your new property are forged deeds, confusion caused by similar names, clerical errors in public records, invalid divorces, unpaid child support lien and unpaid taxes.

Source: Ohio Department of Insurance Consumer Services

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