Buying a home will likely be the largest investment you make in your lifetime. Before closing on the house, you will want to know that no individual or entity has a claim or lien to the property.
A title company ensures that your new property won't surprise you with expensive encumbrances and other legal obstacles.
For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.
The title company performs an extensive search on the property's title history. Through its research, the title company can usually find any title problems and clear up these problems prior to closing.
Because Real Estate Law is so complex, 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 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:
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