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10 Reasons Why You May Need Title Insurance

Monday, September 6, 2021

We'd be lying if we said that buying a house was easy. But if it were easy, what would be the fun in that?

So we're here today to talk with you about title insurance and when you need it most! But first, what is title insurance?

Title insurance is insurance that protects you and your home because you would be named the owner on all papers associated with the property.

Keep reading to learn about the instances in which title insurance is a must when buying a house!

1. Get Title Insurance For the Records

Once you get title insurance, the home goes under your name. If anything happens, an insurance company will invest their time to ensure that that home has your name on it.

As a first-time buyer, you will want to make sure your name is on the records! This will help prevent any issues down the line!

2. It's a One-Time Payment

Many other insurances you have to pay yearly. However, with title insurance, you pay the fee once during the closing and never have to worry about it again! You get to enjoy the benefits throughout your time as the owner of the property.

This may help you with your budgeting for the home and personal financial goals. Once you pay off your one-time payment of title insurance, it is yours for life.

3. Protects Against Loss of Property

When you are buying a house, there are many different things that could go wrong either right after you buy it or down the line. Buying title insurance will help protect you from any loss you may incur.

If there is a fire or storm damage and the house is completely destroyed, without title insurance the land could be taken away from you. But if you have title insurance, the land your home sat on is also protected.

4. It Covers Expensive Attorney Costs

If you ever need to go to court or hire an attorney, title insurance will cover the fees for you. You won't have to worry about any out-of-pocket funding of anyone helping you since the insurance kicks in!

That means you are most likely saving upwards of $250 per hour on any fees or costs of an attorney.

5. Protect Yourself Against Any and All Claims

With claims rising left and right, it's always a good idea to make sure you have the coverage you need if a claim comes for you. With title insurance, you are protecting yourself against any claims that come your way.

You are also getting help with dealing with a claim instead of having to do it all on your own or hiring attorneys at an exorbitant cost.

6. Makes Negotiations Speedier

There's nothing worse than waiting around when you want something done as quickly as possible. The good thing is that title insurance can speed up some things in your life!

If you are waiting on a loan or are ready to sell your home, having title insurance will speed up any negotiations that arise.

7. Previous Issues on the Title Will Clear

By transferring a title to your name by getting title insurance, you will be clearing away any problems that were on a previous title.

You will be able to enjoy your new property without any past issues getting in the way.

8. A Title Will Protect You From Undisclosed Heirs

Picture this. You've just bought a home and closed on the house. You're moving in tomorrow.

But you get a call. The person on the other line tells you that the home is not actually yours.

How could this possibly happen!? Well in the crazy instance that a will was overlooked, the home may actually belong to an heir. If that's the case, and you don't have title insurance, you will not have any coverage for loss fees or the title of the house.

Having title insurance will make sure you are protected from any undisclosed heirs.

9. Protect Yourself From Forged Documents

You may think that the forging of documents is a rarity, and although that may be true, you'd rather be protected than deal with one of those rare circumstances.

If you buy a house from a seller who has forged all of the documents, and you don't have title insurance, you would not actually get the home and it would be pretty messy.

With title insurance, your title company would be able to detect any forged documents before you are too deep into the process and can't take it all back.

10. Title Insurance Can Help You Deal with Encroachments

If you are choosing to live on a property that has 8 acres, you want to only be paying for 8 acres. But what if a neighbor decides to begin building on that property while the house is up for sale?

A title company will protect you from these issues and deal with them for you!

Ready For Title Insurance?

We hope after you've read through this article, you're convinced that you should go get some title insurance for your new property! Let's face it. Who wants to deal with all of these possible instances on their own?

If you are ready, we're here for you so you don't have to go about it alone! We will be upfront about every service we provide and what we can do for you when you contact us. We're looking forward to hearing from you soon!

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