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 know that no one else can claim the property.

A title company ensures that your new home doesn't carry expensive encumbrances and other legal obstacles.

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 insurance company performs an extensive search on the title history of the property. Through its research, the title insurance company can almost always 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 the limitations on your ownership. It will also cover what the title insurance company is responsible for. Title insurance covers the following:

  • Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. In this case, the title insurance company will defend the title at no expense to you.
  • Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Many other complicated problems define "Defective title." The title company will uncover these problems, or should they miss them, protect you from financial loss - up to the amount of the policy.

Coastal Mortgage Corp. can answer questions about title insurance and many others. Give us a call at 504-866-5626.

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