Title Insurance for Your Peace of Mind
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The biggest investment you will make in your lifetime will likely be purchasing a home. So before you close, you need to be sure that that nobody else can claim the property.
Determining that your rights and interests to the property are clear is the business of a title company.
You pay the title company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.
The title company searches the property's title history. Through its research, the title company can usually find any title problems and have these problems cleared-up before you close on the property.
Because Real Estate Law is so complex, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem selling your property. Your title insurance owner's policy will describe the property and outline any recorded limitations on your ownership. It will also cover what the title insurance company is responsible for. Typically your title insurance will protect you in the following cases:
- Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. In this case, the title company will defend your title at no expense to you.
- Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Many other complicated problems define "Defective title." The title insurance company will discover these title problems, or should they miss them, insure your loss up to the amount of the policy.
At Coastal Mortgage Corp., we answer questions about this process every day. Give us a call: 504-866-5626.
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