Home Owner’s Title Insurance is transferred to you when you purchase a home. Title is a word attorneys use to describe the right of ownership. Title insurance is an insurance policy which protects you against challenges from issues related to your home to the title or to the possession of your house. The policy offers protection against losses due to title defects, before you bought your home, even when the flaws existed. A title defect is an issue with the title that prevents free and clear ownership. There are various kinds of defects like rights of way, encroachments, unpaid liens, etc. Title insurance plans protect you for so long as you have the property.
It protects that an attorney’s opinion on title may not cover. Fraud and forgery, such as someone taking your title through forgery or fraud. Title insurance is usually purchased whenever you purchase your home or whenever you refinance it, even though it may be purchased any time after you purchase your home. You’ll simply create one premium payment whenever you first buy the insurance. A title insurer can let you know how to buy the policy. If you are buying or refinancing your home, you should discuss title insurance with your lawyer to see if a title insurance policy is right for you. Your lawyer can arrange the purchase of a home owner’s policy. The policy can provide broader cover than a lawyer’s opinion on title as well as post purchase fraud coverage. As the coverage covers the things outlined above, you may rest easy knowing if there are flaws affecting the title of your home which are covered by the title insurance contract, your title agency will take steps to correct the problem.
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Millie Gil is Broker-Realtor for Bold Real Estate Group, fluent in English and Spanish with a strong network of Real Estate Professionals Worldwide. Millie says “we are committed to providing a high level of service over and above the customer’s expectations. It is our goal to become your Realtor for life”.
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