WHAT IS TITLE INSURANCE AND WHY DO I NEED IT?
Title insurance protects you from defects and problems with the title to your property that are not apparent from the public records. The cost of title insurance is based on the amount you pay for the property. Although typically purchased at the same time as the property, title insurance can be obtained for property you own at any time. It is a one-time purchase of a policy that will protect you as long as you own the property.
If you are purchasing property with financing from a lending institution, your lender will require you to purchase title insurance to protect their investment. For a relatively low cost, you can also purchase title insurance to protect your investment.
Title insurance protects your ownership of your property from:
- Unknown liens filed against prior owners after you have closed on the sale.
- Errors in the public records that affect your ownership rights.
- Unknown easements that may prohibit you from using your property as you would like.
- Boundary disputes with your neighbors.
- Undiscovered wills or unknown heirs of former deceased owners.
You shouldn’t have to pay to defend your ownership of your property. Title insurance is an inexpensive way to protect you from challenges to your property ownership.