Title Insurance Protects Your Home Investment

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Purchasing a home is likely the single biggest investment you will make in your lifetime. So before you close, you need to be sure that that nobody else has a claim to the property.

A title insurance company does all the research to insure that a property has clear title. Making sure that a property is clear of all legal encumbrances is the job of a title company.

You pay the title insurance 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 property's title history. Through its research, the title company can almost always find any title problems that may arise and have these problems cleared-up 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 insurance company's responsibilities should any claim covered by the policy terms arise. 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 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. Any number of other complicated problems define "Defective title." The title insurance company will find these title problems, or if they miss them, insure your loss up to the amount of the policy.

Foxfield Financial can answer questions about title insurance and many others. Call us: 720-598-8300.