What New Homeowners Need To Know About Title Insurance

When negotiating mortgages and closing costs, one thing that many new homeowners overlook is title insurance. This kind of insurance is an important form of protection that could save your home and investment. When you are ready to purchase a home make sure you have been informed about this important form of insurance.

What is title insurance?

Title insurance protects you from unexpected claims on the title of your home. In some cases, people purchase a home, only to find out in the future that an heir, ex-spouse, or someone else with a relationship with the seller actually has a legal claim on the property. When this happens, it could nullify your purchase and leave you facing the loss of your home and a significant amount of your investment. With title insurance, you are protected if this scenario arises. Your insurance will pay you legal fees if you need to defend your title in court and will reimburse you for your home equity if you lose the property.

How does it work?

When you purchase title insurance, the company will first perform a title search. A title search is done to ensure that title of the property you are purchasing is clear of any outstanding claims. Next, the company finds someone to underwrite the title insurance policy so that it pays out if a claim that wasn’t identified in the original search arises.

Why do I need it?

If a claim is made on your property, the cost of not having title insurance can be devastating. Fighting such a claim in court can be extremely costly. If you lose you could lose all of the equity you have in your home as well as the home itself. As many as one in three titles have issues that title insurance companies can help you resolve before closing instead of allowing them to arise in the future, and the subsequent policy provides additional protection that could be vital.

 

Contact us.

At CoreTitle, we’re committed to making sure no surprises await you after closing, with assistance with mortgages, settlements and thorough title searches. Get the help you need today by calling (856) 316-4005 for our offices in South Jersey; (267) 428-3821 for our team in Philadelphia, Pennsylvania; (954) 434-1445 for our Ft. Lauderdale, Florida office; (239) 970-4200 for our Naples, FL office,  (305) 357 -3989 for our Miami, Florida office  or (734) 823-3356 for our Northville, MI office.

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