Protect Yourself and Your Home-to-Be
Five ways title insurance can protect you in the home buying process.
Being a homeowner can be exciting — when you finally get those keys in your hand and can finally begin moving in your belongings, it finally becomes a reality — this home is yours. But imagine if you got your heart set on a home, and as you were so close to getting the keys, a document was found stating the home belonged to an undisclosed heir that just came forward. Situations like this do arise, but you can be protected from this through title insurance.
If you’re in the process of buying a home, title insurance from a good and reliable title company is a must. Here are five reasons why you need title insurance as you begin the journey of homebuying.
Protection From Undisclosed Heirs
While it may seem like something out of a movie, it is possible that a home’s previous owner left the property you’re buying to someone else in their will. And if that person comes forward as the rightful owner, then regardless of how much you want this property, it’s up to the heir to decide if they want to sell. Title insurance can protect you from this. Through a title search, the history and all documents regarding the home will be brought up for review, so you will be protected from a secret heir.
Protection From Unpaid Liens
Not everyone is good at paying taxes. If this is the situation for the property you’re looking to buy arises, then the home can not be sold. But with title insurance and a reliable title insurance agent, you won’t have to worry about this putting a halt in the buying process. Your title insurance agent will check all records to find if the property has any liens against it.
Protection From Forged Documents
Falsely signed, sealed, and delivered? Then the home can’t be yours. Real estate scams are real. People who have no right to sell you a home, will act as the current owner to sell you the home. This can be avoided with title insurance. A title insurance policy guarantees that your transactions will be protected against fraudulent sellers and real estate scammers.
Protection From Errors in Deeds
We all make mistakes. If the deed for your property needs to be updated, or if there’s anything missing in the documents for the home, then you may deal with issues later down the road. When you’re buying a home, include everything in your deed, so you don’t have to risk having a part of your home or property taken away.
Protection From Encroachments
First, let’s define encroachment. The term encroachment develops as a result in real estate where the owner of the property infringes his neighbor’s property rights by installing or adding the building to the neighbor’s land or property deliberately.
Disputes with neighbours is never a fun experience. If there’s ever a time that you want to build or place something on what you believe is your property line, but your neighbours claim it’s their property line, disputes can get messy. But fortunately, title insurance and a title agent can help with this, too! A title agent will be able to pinpoint problems in your deed like encroachments on the property that violate the original terms.
Stay protected when you’re buying a home, and get title insurance. For more information or an agent, call us today!