People looking to purchase a home must be aware of title insurance. This crucial protection can make a world of difference when it comes to protecting homeowners and homebuyers from any future issues associated with the ownership of their home. Homebuyers who are offered title insurance before closing on their home must know what they are getting themselves into as well as the importance of having title insurance. Even after a title professional takes the time to conduct a thorough title search, things can always go awry. There can be several issues that arise later on like document omissions, oversights, and even forgery. As a result, having a document or policy that protects you from these instances can do wonders to preserve your interest in your home. Here are some key things to remember when it comes to the importance of title insurance and the different types available to homebuyers.
A Lender’s Title Insurance Policy
A lender’s title insurance policy will always be required when homebuyers are using a mortgage or lender to purchase their home. This type of title insurance policy will only protect the lender’s interest if any title issues should arise after closing. In essence, a lender’s title insurance policy covers the lender from any title issues that could come up without affecting the mortgage itself.
An Owner’s Title Insurance Policy
Any actual equity you have that isn’t covered in the lender’s title insurance policy will need to be covered somehow. This is precisely where an owner’s title insurance policy can be incredibly useful and crucial to homebuyers. An owner’s title insurance policy protects homebuyers from future title issues, shall they arise. This policy will be active for as long as the homebuyer owns the property in question.
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+.