When first buying a piece of property, you will often find yourself asking a ton of questions. One of the most common questions that first-time home buyers will have has to do with title insurance. However, one of the least frequently asked questions has to do with who owned the property you plan on purchasing before you. It may be a weird question to ask, but previous owners of the property have the potential to influence your future — unless of course, you bought title insurance to protect your interests in the property you want to purchase.
What Exactly Is Title Insurance?
As of late, a myriad of home buyers, especially first-timers, have found themselves wondering the exact same thing. In fact, with the housing market seeing quite the significant rebound, people are finally able to purchase homes while the prices are still relatively low. If you happen to be one of these eager home buyers, it is essential that you check out a title insurance policy for yourself.
Title Insurance Protection
For those who get an owner’s title insurance policy — they can see themselves protected against any potential back taxes from the previous owners, any undisclosed liens, legal judgments, forgeries, and potential fraud. In fact, there is a lot that could have been done prior to you buying your brand new home. While a title search is always conducted before you purchase your home, some things may go unnoticed — specifically hidden things. As a result, having an owner’s title insurance policy can ultimately protect your interests in the property. Before you actually purchased your home, it probably went through more than one other owner. This could have been poorly handled — which could result in some odd results that you then have to deal with to ensure the ownership rights are rightly yours in the home you just purchased. Unlike the typical insurance policies people are used to dealing with, title insurance will protect homeowners from any losses that result from potential past events after the policy was ultimately issued. It’s important to note that title insurance will protect a buyer from any events that have ever happened before the owner’s title insurance policy was even issued.
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+.