“It is a comfortable feeling to know that you stand on your own ground. Land is about the only thing that can’t fly away.” –Anthony Trollope
Two of the most frequently asked questions about real estate, and ones that often come up when discussing property insurance options are, “What is title insurance? And why is it so important?” Title insurance was first issued as a policy in 1871 to insure homeowners, buyers and sellers against any financial loss, by protecting property buyers and sellers against issues such as fraud, forgery, and claims from other defects, which are specified in the coverage of individual title insurance policies.
Considering purchasing a property is one of the largest financial commitments you may ever make, it is important to understand how title insurance can help better prepare you. Before you begin your property search, consult with an expert Real Estate Attorney such as, Kadoch Law Group. This team of experienced Real Estate Attorney’s will offer you support and guidance throughout your home buying and selling journey in Florida. Kadoch Law Group will prepare you and inform you about the importance of investing in title insurance.
Title insurance is used to protect mortgage lenders and also
against any issue that might arise, with regards to a title, when a transfer of ownership occurs. For example, if a dispute regarding a title takes place during the course of a sale, the specific company responsible for your title insurance may cover you against any legal damages, however this will depend on your chosen policy. These records of buying and selling transactions and events that could affect ownership of properties are usually filed in archives that are available as public accessible documents.
Title companies are able to search public records to help discover information about your property of interest, and help solve any issues related to previous ownership and also any issues that arise. Buying title insurance will provide you with protection against various issues that can be revealed later on in the process. Furthermore, if you purchase a home with a mortgage loan, lenders will require title insurance, to protect lenders against any defects or issues, while you are paying off and/or refinancing your loan.
Obtaining title insurance is a beneficial one-time payment that provides you with peace of mind during such a large investment, insuring your rights to owning your property. Additionally, this important coverage will last for the whole time that you have ownership of your property.
Are you in need of advice regarding title insurance? Or are you interested in learning more about title insurance options in Florida? Why settle for less when you can get an experienced attorney on your team? If you are looking to buy a house, are having problems with your tenant, or are simply trying to find someone to navigate your contracts and simplify the buying and selling process for you overall, give us a call and we will provide the best possible service to you as we do with all of our clients!