Title insurance anticipates the unexpected

For most people, their home is their biggest asset. Not only is real estate financially significant, it’s more than just a piece of property. It’s a personal space in which you create memories, paint walls, plant gardens and raise a family. Unfortunately, even dream homes have defects. Sometimes homeowners don’t realize this until years down the road. At this point, title insurance could save the day. 

Title insurance is around for the long-haul

There are limitless benefits to owning a title insurance policy. After a one-time payment, the policy protects homeowners and any heirs for the duration of the ownership. It safeguards against defects and flaws that already exist in the title.

A title insurance policy eliminates potential – and sometimes disastrous – liabilities. First, title insuring starts off by searching public land records for any warning signs about the title itself. An expert uncovers external and internal risks before the finalized purchase. Common flaws include:

  • Incorrect notary acknowledgments
  • Inaccuracies in wills, deeds, trusts and names
  • Debts such as outstanding judgments, mortgages and tax liens.

Even the best title professionals cannot completely target all title defects. Sometimes public records don’t reveal all the issues. This is where your owner’s title insurance policy works its magic. It will protect your interest in the property in the event of various unforeseen circumstances.

For example, you have the title checked and receive the go-ahead. The purchase is finalized and you enjoy for property for some years. Randomly, a problem pops up: You are informed that the previous owner did not pay property taxes for years. Without a title insurance policy, you would be responsible for a stranger’s debts.

There are different kinds of policies for property buyers to choose from. Different policies cover different potential issues, so it’s important to seek legal counsel and do your own research.