August 10, 2011 Leave a comment
The purchase of a home is probably the single biggest financial investment you will make. When you do that you always think of getting home owners insurance to protect the physical house against a loss. Shouldn’t you have insurance to protect against a claim on the title of your home?
For a one time premium paid at closing you will receive continuous insurance for title protection. If you have a mortgage on the property the mortgage company will require lenders coverage to protect them. You should ask the closing attorney to include an owners policy as well.
The title insurance company will do an extensive search prior to the policy being issued into public records, maps and other documents to trace ownership to see if anyone else has an interest in the property.
If someone does contest your title or ownership, the title insurance company will defend the title at no cost to you. If a defect in the title is found the title insurance company will protect you from any financial loss.
For more questions about this or any other mortgage matters call today – 910.200.8859