Buying a Home? 10 Hidden Reasons Why You Need Title Insurance

What’s the Purpose of Title Insurance? Protect Your Property.
Buying a home soon? You need title insurance, and here’s why. Take a look at this list of top reasons you need a good title insurance agency.
For the Records
Regardless of the reason you choose title insurance, it puts your name as the owner on the records. A good title insurance agency investigates the history of your property to determine that you are indeed the rightful owner of the property.
After the documents have been signed and submitted, title insurance assures that your name is listed as the current owner of the property for the state and local county.
Undisclosed Heirs
What’s the wildest thing that could happen after buying a home? You could find out that after all that work you did to secure the deed, the title is not actually yours in the end.
That’s because someone’s will was overlooked, and despite the fact that you really want the house, it belongs to someone else. This can and does happen, and a good title insurance policy can protect you against undisclosed heirs.
Encroachments
Just when you thought the home and all 20 acres were yours, your neighbor-to-be builds across your property line. You aren’t really getting all 20 acres, so why pay for them?
If there is an encroachment on the property that violates the original terms listed on the deed, then a good title insurance agent can help you pinpoint this problem.
Forged Documents
Everything was signed, dated, and submitted for approval. The only problem? It’s all a made up story, and the seller doesn’t even own the home you bought. Don’t become the victim of a real estate scam. Title insurance assures that your real estate transaction is free from forged documents for securing a clear title.
Liens for Unpaid Taxes
You can’t buy a home that’s technically disqualified from sale. That’s what a lien means for a property. Before you move forward with the “buying” aspect of finding your new home, you need a good title insurance agent who can check the records for any liens against the property or home.
Current Lawsuits/Disputes
Does the future look grim for the property you’re about to purchase? It’s a good idea to run a background check to investigate if there are any lawsuits or disputes over the home. Even if there are no current encumbrances that keep you from buying, unnecessary complications in the form of lawsuits may be currently in the making.
Errors/Omissions in Deeds
There’s a possibility that the current deed needs updated. If there is anything missing from these key documents, it may cause ownership issues in the future. The easiest way to avoid parts of your property being taken away or modified by terms imposed by others is to include this information in the deed.
Mistakes in Records
It’s a common problem that the public records on your home are not exactly up to date. When a home is passed through families through generations, there could be errors in the actual square footage or measurements of the property area. Not to mention, record-keeping is never free from human error.
Fraudulent Claims
Is everything as it seems? When you’re making such a huge step as buying a home, you want to be certain that you can trust the seller and title agent. Fraudulent claims include things listed in the deed that are not actually offered to the buyer or other deals made on false premises can ruin the sale.
Selling with Ease
If you’re buying now and selling later, then good title insurance speeds up the process. With proof of your clear title, you will find a much smoother time when selling the home. It’s easiest to sell with the deed in hand.
We know you’re looking for a simple, quick closing experience. Bay National Title Company has helped place thousands of people in the home of their dreams. Call us today and we’ll show you how different a customer-focused closing approach can be.
SOURCES:
3 Reasons Every Homeowner Needs Title Insurance
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