Title Insurance for Your Peace of Mind

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Purchasing a home is likely the single biggest investment you will make in your lifetime. Before you close, you'll want to know that no other individual or entity has a right, lien or claim to the property.

A title company does all the research to insure that a property has clear title. Making sure that a property is clear of all legal encumbrances is the job of a title company.

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 company performs an extensive search on the title history of the property. The title insurance company can almost always find any title problems that may arise and clear up these problems 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 with the title to your property. Your title insurance 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. Typically your title insurance will protect you in the following cases:

  • Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. If this happens, the title insurance company will defend your title at no expense to you.
  • Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Any number of other complex problems define "Defective title." The title insurance company will uncover these problems, or if they miss them, protect you from financial loss - up to the amount of the policy.

Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655 can answer questions about title insurance and many others. Give us a call: (203) 526-9345.