Title Insurance = Peace of Mind

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Purchasing a home is probably the single biggest investment you will make in your lifetime. Before closing on the house, you will want to know that no individual or entity has a right, claim or lien to the property.

A title company ensures that your new home is free of 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 company searches the title history of the property. The title insurance company can almost always find any title problems and clear up these problems prior to closing.

Real Estate law is extraordinarily complex. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your owner's policy will describe the property and outline any recorded limitations on your ownership. It will also set forth the title company's responsibilities should any claim covered by the policy terms arise. Title insurance usually covers:

  • Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. If this happens, the title company will defend your title and will cost you nothing.
  • 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 problems, or if they miss them, protect you from financial loss - up to the amount of the policy.

At Coastal Mortgage Corp., we answer questions about this process every day. Give us a call at 504-866-5626.

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