Title Insurance = Peace of Mind

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Buying a home will likely be the biggest investment you make in your life. So before you sign on the dotted line, you want to be sure that the property's title is clear of any other claims.

A title insurance company ensures that your new home won't surprise you with encumbrances and other legal obstacles.

For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.

The title insurance company performs an extensive search on the property's title history. Through its research, the title company can almost always find any title problems that may arise and have these problems cleared-up prior to closing.

Because Real Estate Law is so complicated, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem with the title to your property. Your title insurance owner's policy will describe the property and outline the limitations on your ownership. It will also set forth the title company's responsibilities should any claim covered by the policy terms arise. Title insurance usually covers:

  • Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. In this case, the title insurance company will defend your title and will cost you nothing.
  • Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Defects are rare, but they can be very difficult, making the property inaccessible, unable to be built, or unsaleable. Any number of other complex problems define "Defective title" or "Clouded Title." The title insurance company will discover these problems, or if they miss them, insure your loss up to the amount of the policy.
At Mortgage X-Change, we answer questions about this process every day. Give us a call at 214-383-9400.

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