Protecting Your Home with Title Insurance

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The biggest investment you will make in your lifetime will likely be the purchase of a home. So before you sign on the dotted line, you want to be certain that the property's title is clear of any other claims.

A title company ensures that your new property won't surprise you with encumbrances and other legal obstacles.

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 searches the property's title history. Through its research, the title insurance company can almost always identify 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 selling your property. Your owner's policy will describe the property and outline any recorded limitations on your ownership. It will also cover what the title company is responsible for. Title insurance covers the following:

• Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. If this happens, the title insurance company will defend your title and will cost you nothing.
• 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. Any number of other complicated problems define "Defective title." The title company will uncover these title problems, or if they miss them, insure your loss up to the amount of the policy.

At Reliance Mortgage Service, Inc, we answer questions about this process every day. Give us a call: 562 320-0510.