Protecting Your Home with Title Insurance

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The biggest investment you will make in your life will likely be purchasing a home. Before you close, you'll want to know that no other individual or entity has a lien or claim to the property.

A title 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 insurance 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 performs an extensive search on the property's title history. The title company can usually find any title problems and have these problems cleared-up 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 selling your property. Your 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. Typically your title insurance will protect you in the following cases:

  • 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 insurance company will defend your title at no expense to you.
  • Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Many other complicated problems define "Defective title" or "Clouded Title." The title insurance policy will protect you from these errors if the title company misses them.

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

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