Title Insurance Protects Your Investment

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Purchasing a home is probably the single biggest investment you will ever make. So before you close, you need to be sure that that nobody else has a claim to the property.

A title company ensures that your new property is free of expensive encumbrances and other legal obstacles.

You pay the title 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 performs an extensive search on the property's title history. Through its research, the title insurance company can usually identify any title problems that may arise and have these problems cleared-up before you close on the property.

Because Real Estate Law is so complicated, 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 the limitations on your ownership. It will also cover what the title company is responsible for. Title insurance usually covers:

• Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. If this happens, the title insurance 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". Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Many other complicated problems define "Defective title" or "Clouded Title." The title insurance policy will protect you from these errors if the title company doesn't discover them.

At First State Bank, we answer questions about this process every day. Give us a call at 4025970500.