What is Title Insurance?November, 15 2017
Do you need title insurance? It’s a question asked by homeowners, realtors, and lenders alike. Title insurance can seem like a very complicated issue from afar. However, when you work with an agency, the process of obtaining such a policy is simple.
What is Title Insurance?
When you purchase property, the title is what proves that you are the rightful owner. Title insurance is used to protect that connection from loss or damage that has to do with the title itself. Title insurance is unique in that it protects from the actions of previous owners, rather than what could happen in the future.
After a preliminary report is issued to the customer, the property owner is then asked to sign off approval of the title. This ensures that any claims against the title in the future that are not on the report are covered by title insurance.
What Does it Cover?
Title insurance covers and protects claims from defects. This means that there is the potential for previous actions and instances that were previously unknown to arise and harm your ability to hold a title as a property owner. For instance, forged documents that were assumed to be valid cannot be held against the property owner when title insurance is covering the property. Someone claiming ownership interest of the property is also not going to be able to get very far with their claim when title insurance is blocking their path.
Who Needs it?
Purchasers and lenders of property are the main beneficiaries of title insurance. They’re going to see immediate benefits, should defects occur. However, title insurance protects everyone; even the seller. Truly, anyone involved with property transaction should inquire about title insurance. If you want to fully protect yourself and others from the risk of defects, title insurance is the only way to go.
Why Should You Work With a Local Title Company?
It’s always best to keep your property transactions within the oversight of local companies. They know the area well, and will be able to tell you the specifics of certain properties that out-of-state companies can’t provide. A title company works with you to find the best ways to protect your property, and your rights to it. Working with a local Maryland title insurance agency like Armour Settlement Services ensures you’ll be covering yourself fully, no matter what.
Armour Settlement Services is willing to work around the clock, against any odds, to make sure that you’re satisfied with your title insurance. So, what are you waiting for? It’s time to protect yourself and your property by investing in title insurance with your local title company.
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