Buying a home is a very exciting and emotional time for many homebuyers. To help make the entire home buying process easier, make sure you purchase an owner’s title insurance policy. Here are a few of the reasons that having an owner’s title insurance policy is essential for homeowners.
Protects the Biggest Investment You Have
For many, the home is probably the single largest investment you will ever make in your entire life. In fact, many people insure virtually everything that is valuable to them — like their cars, life, health, and pets. So why not also insure your single largest investment? For a very minor, one-time fee, owner’s title insurance policies are the best way homeowners will be able to protect their property rights for as long as you or your heirs own that home.
Reduce Your Risk
If you happen to be buying a new home, there are a lot of potential hidden issues that could arise after you’ve signed the dotted line and purchased the property. In fact, getting an owner’s title insurance policy is a great way to protect yourself from any unforeseen legal or financial legal issues regarding any issues in the title. Even if you don’t think this will ever happen to you, it could.
Can’t Beat the Incredible Value
When it comes to an owner’s title insurance policy, there is simply a one-time fee you pay at closing. In fact, relative to the value that it ultimately provides, it is usually just a slight percentage of the home’s purchase price.
Covers All Heirs
As long as either your or your heirs own the property, the owner’s title insurance policy you’ve purchased will protect everyone’s property rights. In fact, when it comes to title claims, there are a number of ways that issues can arise that can have an impact on your heirs. These include things like outstanding judgments, or a potential lien against the actual property because a previous owners hasn’t paid their taxes and it went unnoticed for many years. Others could include pending legal action or an unknown heir of a previous owner who is now claiming ownership in the property itself.
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+.