If you have ever wondered why exactly you need a title search before buying a home, or why you need title insurance in the first place, you are in luck. Many people outside of the real estate business do not know the importance of title insurance, but it is, in fact, something important for every homeowner and buyer to understand in order to be prepared for certain problems. Read on to learn more about title insurance and all of the problems it can solve.
Title Insurance Protects You From Public Record Errors
It is human nature to error and mistakes can often occur without anybody being the wiser until it is too late. When these mistakes affect the title to a property, the consequences of these honest errors can be potentially devastating. Errors, such as clerical or filing mistakes, can have consequences for the deed or survey of your property which are expensive to fix. Without title insurance, you could potentially lose a sale or ownership due to problems beyond your control.
Title Insurance Protects You From Lien Problems
If the prior owners of your property were not consistent and thorough bookkeepers or bill payers, you can find yourself responsible for the problems they caused without title insurance. Even if their debts are not your own, they can be placed on your property after the sale if they are not correctly resolved at closing and you are not properly insured.
Be Wary Of Technicalities
From clerical mistakes to illegal deeds to missing heirs, there are numerous technicalities which can affect the sale and purchase of a home. Whether it is an honest mistake or some kind of fraud, title inspection and insurance is crucial to catching these things before they become huge problems.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.