Commonly Asked Questions About Title InsuranceApril, 07 2018
The process of buying a home is not something that comes naturally. It is a life experience that comes fast, and the process often catches people by surprise.
While it may seem simple, there are hidden challenges that could end up costing you money, or even your new property.
Title insurance is a big part of buying a home, and it’s possible you don’t fully know all the ins and outs. Not to worry–you can read on, and discover the answers to many frequently asked questions about title insurance, and how a title insurance company can help you.
What is a title?
Starting off with the simplest question, a title is essentially your right to own and utilize a property. It’s what gives you the ability to live in your new home.
What is title insurance?
Sometimes, there are hidden details surrounding a property that might not be discovered via home inspection. These can include court records, deeds, and tax records, to name a few. If there is some sort of issue within these documents, it could put your entire property at risk.
What sort of issues might a title search find?
It’s possible that there are unpaid taxes on the property, or restrictions that could limit the use of your new land. You might get yourself into financial or legal trouble if this isn’t discovered before you make the purchase.
Luckily, a title search can find these problems well before you have to deal with them.
How Are You Protected?
A title insurance company will be there for you should problems arise surrounding your property’s title. For example, they will pay all court costs and fees, as well as provide you with adequate legal defense. If the claim is actually valid, a title company will pay for all losses and damages.
How long does coverage last?
In most cases, coverage with title insurance can last long after you’ve given property to heirs. So long as you keep the property, the title insurance will cover damages.
Title insurance is necessary, even if the home had only been owned by someone else for a short amount of time. It’s possible that, in that time, they were able to cause problems for a future you.
Owning a property is a huge investment–it is likely the most important one you will ever make. For this reason, purchasing title insurance is vital and increasingly necessary. In order to find the absolute best title insurance, you’re going to want to work with a professional title agency.
Do You Need the Help of a Trusted Title Insurance Company?
Armour Settlement Services is that title agency. We work around the clock and around the country to find you the best title insurance you can ask for. Don’t look further than Armour Settlement Services for a trusted title insurance company–we’ve got your back!
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