Your car insurance protects you financially in future accidents. Your home insurance protects you financially from unforeseen issues in the future. But what if you’re somewhere in between and buying a home? You need title insurance to protect you from the past, today.
Protect from Defect
Buying a home should be an exciting experience for anyone on the move. However when things go awry, this experience can take a turn for the worse if you’re left without coverage, leaving you with uncertainty surrounding the true owner of the home, undisclosed damages, and property disputes. By purchasing title insurance, you are investing in protection from any questionable circumstances that may either jeopardize your chances of owning your dream home or send you into legal and financial chaos. Some issues that you may be protected from upon purchasing title insurance include, but are not limited to:
- Forged documents
- Unknown owners or heirs to the property
- Fraudulent sellers
Which Policy is Best?
There are two types of title insurance policies that can protect you from the unknown when it comes to your new home. The first is a lender’s policy, which is required if you are seeking out a loan for your mortgage. The second is an owner’s policy, which protects your interests as the new owner without any requirements to make you eligible for coverage other than the cost. The cost for these policies is most often paid for by the home buyer through a one time fee, and is typically factored in to closing costs during settlement.
Your Next Moves
By investing in title insurance as a protective measure, you are saving yourself from the stress of the past as a home buyer. While this coverage can be a lifesaver in the long run, beware of these unexpected issues that can still arise despite this protection, such as:
- Zoning and boundary disputes with neighbors
- Post-policy claims
- Land protection laws
A Title Insurance Company You Can Trust: Colony Title Associates
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 and sell 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+.