Closing on a brand-new home can be stressful as it is. The last thing you want to worry about are things like forgery, clerical errors, or fraud. Title insurance can help if any of these issues arise. So what exactly is title insurance and how do you know if you need it? Here is virtually everything that you need to know about title insurance when closing on a new property.
Ownership Of Property
Title insurance is proof that you paid for something and that the property is something you own. It protects you from any issues regarding your property. To protect yourself, you need to purchase an owner’s policy.
Lender’s Title Insurance Policy Is Mandatory
If you are going to a mortgage company to purchase your home, your lender will require homeowners to buy a lender’s title insurance policy. However, this policy only protects lenders. That is why it is usually more beneficial to purchase both a lender’s and an owner’s policy.
One Time Fee For Title Insurance
There is no monthly expense or charge associated with a title insurance policy. In fact, the only time you pay for your title insurance policy is at closing. With title insurance, particularly an owner’s policy, you can rest assured that your rights of ownership to your property are protected from any potential liens, clerical errors, or other title issues that may arise in the future.
All too often, people who don’t purchase title insurance find themselves in a big lawsuit that can cost them a fortune. They may even end up losing the property that they bought. Having a title insurance policy as a property owner should be a no-brainer at this point. If you still are concerned, contact Colony Title Associates today so we can help you protect your ownership rights to your home.Because at the end of the day, title insurance is an essential and critical step when buying or selling a home. Since it’s a one-time expense that is paid at closing, the protection it offers homeowners the entire time they own their home is monumental.
A Title Insurance Company You Can Trust: Colony Title Assocaites
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 and sell 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+.