- Discovering other ownership rights – Although a will isn’t always discovered at the time of someone’s death, many times a legal document with someone’s final wishes will be found months or even years later. If the will is found and you’re already in possession of the home, it could cause questions pertaining to your ownership rights. Title insurance can help protect against this. Heirs can also try to contest your rights to own the home later on if it’s found that the property usually passes through familial ownership.
- Unidentified liens – Sometimes, as is usually the case in foreclosures, there are liens placed on the home by the bank or other lending institutions. Although the balance isn’t yours, if they discover the lien when you own the home, it could fall on your shoulders. This is where title insurance once again comes in handy. It can help protect you against financial institutions and problems pertaining to the title before you owned the home.
- Common mistakes – We’re all human and mistakes are easy to make. Sometimes these mistakes happen in public records or in survey/boundary examination. Though these mistakes are generally accidental, they can cause you serious problems down the line if you don’t protect yourself against them. With the right title insurance, you can be sure that any mistakes that have been made somewhere in the buying/selling process won’t affect you.
- False documents – This obviously has nothing to do with mistakes. Sometimes people do things out of greed or to make certain gains. Forged or false documents can lead to huge problems after the purchase of a house. Make sure that your title insurance covers this, just in case the home you’ve purchased has an unforeseen issue with its past residents.
When you buy a home, you should be prepared to purchase the title insurance that goes with it. Talk to your Colony Title Insurance provider to get started protecting your Maryland home investment as soon as possible; any hesitation in buying title insurance could cost you your dream home.
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 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!