Title Insurance Protects Your Home Investment

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The biggest investment you will make in your life will likely be the purchase of a home. So before you close, you need to be sure that that no one else has a claim to 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 company searches the title history of the property. The title insurance company can almost always find any title problems that may arise and clear up these problems prior to closing.

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 with the title to 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 company is responsible for. Title insurance covers the following:

  • 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 — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Any number of other complicated problems define "Defective title." The title company will discover these title problems, or if they miss them, insure your loss up to the amount of the policy.

Channel Mortgage LLC can walk you through the pitfalls of getting a mortgage. Call us at (718) 639-9500.

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