Homebuyers have few options for protection, and title insurance is often overlooked due to its optional nature.
Title insurance can be purchased concurrently with the purchase of a home. This makes it easy to overlook when compared with all the other fees associated with buying property.
Title insurance is the best form of homeowner protection. This is not something that homeowners should do. These are three reasons title insurance is a must for every buyer.
The Best Protection Against Fraud
Title insurance covers the property owner from any claims against it, regardless of whether they are at fault. These include unpaid mortgage amounts, improper foreclosures or any other form of real estate fraud committed by the seller.
Fraud is now more common than ever and has begun to gain momentum in real-estate.
It’s easier to forge documents in the digital age. Criminals use today’s “do-it yourself” attitude to sell property that they don’t own to unsuspecting buyers.
An Exhaustive Title Search is Performed by the Insurer
Numerous records can now be accessed online for a low one-time fee. Is it possible to know exactly what you should be looking for?
Title insurance specialists are skilled at identifying any suspicious circumstances with a home, and conducting exhaustive research to ensure that everything is legal.
If it is, the insurance covers the buyer for any loss incurred if the home is damaged or if a claim is made against it. They will then investigate the claim to ensure it is not fraudulent.
Title Insurance is a One-Time Fee
Title insurance is only one-time payment, even though it’s a substantial fee. Title insurance, unlike other types of insurance that can be purchased monthly or annually at a higher rate, is only payable once.
Many mortgage lenders require that title insurance policies be paid for by the borrower. It’s therefore not difficult to get your own policy.
Title insurance can also protect against mortgage fraud and any unpaid mortgages. While title insurance is highly recommended, it’s a good idea for you to talk with a professional about it.