Title Insurance Protects Your Investment

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Buying a home will likely be the largest investment you make in your lifetime. So before you commit to the transaction, you want to be certain that the "title" of the property is free of other claims.

A title company ensures that your new home is free of 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 insurance company searches the property's title history. Through its research, the title insurance company can almost always identify any title problems that may arise and have these problems cleared-up prior to closing.

Real Estate law is extraordinarily complex. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your 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. 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. In this case, the title company will defend the title at no expense to you.
  • Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Any number of other complex problems define "Defective title." The title insurance company will find these title problems, or if they miss them, insure your loss up to the amount of the policy.

Ashok Lakshmanan can walk you through the pitfalls of getting a mortgage. Call us: 630-717-3600.


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