The title insurance is designed to provide unique benefits to the property owner, the institutional lender as well as the seller of the property in case of a title dispute.
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So, what is title insurance?
The title insurance is vital for real estate. Let’s say, you have purchased a property for commercial use. But how sure are you that there aren’t any problems with the title of the property? Or maybe the seller never owned the property? Both scenarios will lead to massive economic damage in the long run. It will limit your usage and enjoyment of the property. However, by investing in title insurance, you get to do a detailed title search by trained experts to gather information regarding the title of the property.
So, what should you do?
The following is a detailed procedure of how to go about selecting a service and what you should expect.
Go for a local title insurance agent
The best way to select a service or an agent is to go local. Title insurance laws and charges are subject to valuation of the property and the state of residency. You can find your professional and legal experts at the SunnySide Title insurance.
The title search
Any complication associated with the title of the property needs attention. And this is what you get with the title search. Once you have accepted the contract at the title insurance service, a title professional will scrutinize the public record files to search complications with the title. Yes, you might find that something is wrong since statistics point to the fact that around 1/3rd of title searches reveal problems.
About the owner’s title policy
If you are buying a property, you must carefully go through the owner’s title policy as well. This is extremely important to double check and cross reference the title search you just performed. Inadvertent misses are mitigated before complications develop by going through the owner’s title policy. However, keep in mind that the owner’s title policy is a public record purchase and you have to pay a one-time fee while obtaining it.
What will the title insurance safeguard against?
In the case of fraudulent claims and forgery
Yes, the times have changed, but it seems that there is still no shortage of forged documents and fraud claims. Both of these malpractices are harmful to your investment. When fraud and forgery attempts are undetected, these become permanent and hidden title hazards. Protect your financial interests better with title insurance against fraud third party claims.
In case of conflicting will
There can be various reasons for a conflict related to the will of a deceased individual. It puts your ownership and ability to enjoy the property at risk. It is better to invest in title insurance than wading through murky waters of a legal drama involving a conflict of will.
In case of missing heirs
Missing and absent heirs can stake the claim on the property, and if you are caught unaware, then it might spell doom for your venture.
To fully enjoy your property, it is therefore imperative that you go for title insurance as soon as you think of buying a property.