Title Insurance Protects Your Home Investment

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Buying a home will likely be the biggest investment you make in your lifetime. So before you sign on the dotted line, you must be sure that the property's title is free of any other claims.

A title insurance company ensures that your new property won't surprise you with 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 searches the property's title history. The title company can usually find any title problems that may arise and clear up these problems prior to closing.

Because Real Estate Law is so complicated, 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 any recorded limitations on your ownership. It will also cover what the title insurance 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. In this case, the title company will defend the 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 complex problems define "Defective title" or "Clouded Title." The title company will find these problems, or should they miss them, insure your loss up to the amount of the policy.

Foxfield Financial can answer questions about title insurance and many others. Give us a call at 720-598-8300.