Title insurance protects buyers of real estate and issuers of mortgage loans from defects or problems with a land title in the transfer of property. In fact, if there is a title dispute resulting from a sale, the title insurance company legal damages, depending on the type of policy purchased. And when purchasing a home, we know that the last thing on your mind is title insurance. So here, we have a handy guide for every home buyer with all the important questions to ask before signing on the dotted line.
What Coverage Do I Really Need?
Owner’s policies will protect your personal interests in a property. If you want additional coverage, that could boost the insurance cost. For example a restriction endorsement could end up protecting you if the construction of your home somehow violates the restrictions of your subdivision. On the other hand, if you looking to get a mortgage out on your property, your lender will almost always require that you purchase a lender’s title insurance policy to protect their interest in the property itself.
Who Typically Pays?
For the most part, the party that is responsible for paying the two policies will vary from state to state. In some locations the buyer will pay for one and the seller will pay for the other. But that also doesn’t necessarily mean that if the buyer pays, he can’t haggle for all or part of his costs.
Who to Trust?
Real estate is usually one of the biggest investments anyone will make in their entire lives. Trusting the wrong people in the process can be devastating. In fact, getting advice from your seller, real estate agent, and mortgage lender can be overwhelming. Instead, the lender is usually your best bet since their interests will almost always align most closely with your own.
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+.