So you’re in the process of buying a new home in Baltimore, and the issue of title insurance comes up. Should you get title insurance? You are not obligated to purchase title insurance for yourself, but you are obligated to purchase title insurance for the lender. (Read about owners and lenders title insurance here). So, because you don’t have to buy title insurance, you may consider forgoing it. This is an option, but not a very wise one. Title insurance may not seem necessary now, but it could end up saving you your home further down the line. Here’s why you should get title insurance in Baltimore.
Why You Should Get Title Insurance in Baltimore
Title insurance protects you from claims against your title by those who have a legitimate claim to it. Even those who have illegitimate claims that manifest themselves in fraud, can attempt to claim a right to your home’s title. In both cases, title insurance protects you from these claims by paying the legal fees associated with dealing with the claims. It may be that many years ago there was a filing error that was just recently discovered, allowing a third party to lay claim to the title. Or it could be that a lien was placed on the property, forgotten, and recently rediscovered. Without title insurance, the burden of this would be on you as the current owner. With title insurance, you’re free from financial obligations.
Baltimore is an old city where titles to properties have often changed many, many times. Mistakes can be made in this process, and even if they occurred many years ago, their consequences can fall on you. What’s more, is that the title search can’t account for these mistakes such as filing errors that could make your title vulnerable. That’s why title insurance is important, and why you should get title insurance and get your Baltimore home covered.
About Colony Title Associates:
Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!