So you have finally found your perfect home and are almost completely finished buying your home. But then someone utters the phrase “title insurance” and you look at them like they are an alien. In fact, it’s incredibly easy to not understand certain elements of the real estate buying process. However, it’s important to know the benefits associated with title insurance and why you actually need it. Essentially, protecting your investment is the basis of title insurance. Here is some critical information regarding title insurance and the multitude of reasons behind having an owner’s title insurance policy.
Protects Against Hidden Title Hazards
When it comes to title insurance, there are certain hazards that can really threaten your ownership rights in the new investment you just purchased. In fact, having title insurance is just like having a homeowners insurance to protect against any loss from fire, theft, or wind damage.
Title Insurance Is In A League Of Its Own
Title insurance is unlike any other insurance policies you’ve ever dealt with. In fact, other insurance products such as car, health, fire, and life- will protect consumers from any losses that are incurred in the future. However, title insurance protects you from anything that has happened in the past. People have owned the property before you and as a result, the title to the property you owned might have a few title defects that have occurred in the past.
Title Search Versus Title Insurance
There is a difference between a title search and title insurance. In fact, a standard part of due diligence involves a title search. However, title searches may find a problem, but then you may have to pay significant amount of money if there is something that ends up being an issue and threatening your ownership rights. Because mistakes can be made- title insurance will always protect your ownership interests in the property you just purchased.
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+.