Title Insurance = Peace of Mind

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Buying a home may be the biggest investment you make in your lifetime. Before you close, you'll want to know that no individual or entity has a right, lien or claim to the property.

Determining that your rights and interests to the property are clear is the business of a title insurance company.

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 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 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 company is responsible for. Typically your title insurance will protect you in the following cases:

• Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. If this happens, the title company will defend the title at no expense to you.
• 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. Many other complex 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.

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