WHAT IS TITLE INSURANCE
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There are many costs when it comes to closing on a home. Is title insurance really a necessary expense, and what does it do anyway? Here's what you need to know.
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Title is your ownership right to a property, and when you close on that property, that ownership right is granted to you physically in the form of a deed.
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It's like a receipt. It's your proof that you paid for something, and that something is yours, and nobody elses.
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Title insurance is a policy that protects against someone else coming along later and challenging your title, and your ownership rights, and making your life really miserable.
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For example let's say you buy a home from a builder, and after the purchase you find out the builder forgot to pay the roofer. So, the roofer files a lien against your property. Without title insurance, you're responsible for paying that debt.
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Your lender understands the value of title insurance, which is why they require that you purchase a lender policy before they'll give you a mortgage. But the lender policy only covers the lender. In order to protect yourself, you need to get an owner's policy.
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What if you bought a house for cash?
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Can you really say with all certainty that the title you receive from the seller is valid?
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That there's no chance they could be taking your money for a property that wasn't legally theirs to sell you?
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Are you willing to take that chance?
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Without title insurance they're all sorts of things that can come back to haunt you. Forgery, fraud, clerical errors.
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Are you willing to risk possibly losing your home, and your money, when the solution is a simple as an owner's policy?
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You pay for your owner's policy one time, at your closing, and never have to pay for it again as long as you own your home.
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It's the home buyer, or seller's decision to select a title company. Therefore, you can choose Amrock to make sure you're protected against existing debts, and future claims to your property.
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Remember, your owner's policy is a one time cost that you pay at closing, and you're protected for as long as you own your home.
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Don't take risks with the biggest and most important investment of your life. Call Amrock. We're happy to answer any and all questions you have.