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Title insurance attempts to preserve your ownership interest in your property and ensure you have good title. Title insurance assists in correcting unforeseen defects discovered after your purchase date. If there are any problems after closing, the buyer will be covered for losses up to the amount of the policy. The amount of the policy is generally equal to the purchase price of the home.
Title insurance serves as a protection against a number of problems that may arise when you own a home. The reason this insurance is most often chosen is for identity theft. Criminals are impersonating you, obtaining a new mortgage, or even selling your home and disappearing with the cash, leaving you to deal with the bank or those unsuspecting persons now living in your home. This insurance will assist you in rectifying this personal assault. The coverage is a one-time expense and applies as long as you own the property.
Title insurance is usually purchased when you purchase your home; however, it can be purchased from some companies if you already own your home.
Purchasing a home is a large investment. Due to the nature and size of this investment, it is important that you discuss your insurance options with your lawyer and consider such options carefully. Our Real Estate team can assist you in purchasing title insurance on your home.