Title insurance will protect home buyers and mortgage lenders against any potential defects or problems that arise with a title when there is a transfer of property ownership along the way. If a title dispute arises, the title insurance company will be able to pay for potential specified legal damages, which all depends on the policy itself. That is why issuing title insurance is always a two-step process. First, the title insurance company will typically research the land records to ensure that there are no undisclosed heirs, unpaid taxes, pending legal action, errors, fraud or other potential problems with the actual deed. That being said, a clear title doesn’t always happen. And home buyers need to always make sure that their best interests are at heart when it comes to protecting your property interests. Here are the top questions that all home buyers need to ask and comprehend when it comes to title insurance.
How Are Title Insurance Prices Regulated?
In a variety of states, title insurance prices are regulated. While that is true, smart home buyers should still look at their options before choosing a title insurance company. The quality of the insurance along with the quality of the title are two of the most important things a home buyer needs to consider when selecting the title insurance company to protect their interests. Home buyers should always be sure to ask their lenders or state insurance department whether there is a regulated price for title insurance in their state.
The Coverage Needed, How Much Is Right?
When it comes to an owner’s title insurance policy, the protection is always against a number of contingencies like fraud, forgery, undisclosed heirs, and spousal claims. An owner’s title insurance policy may also come with additional coverage such as restriction endorsement that’ll help protect home buyers if the construction of the home inadvertently violates the restrictions of the subdivision you are living in. However, other costs may arise with these such protections.
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+.