Just imagine getting your dream home only to find out you don’t actually own it? It can be devastating. While this may seem far-fetched, the reality is that real estate transactions can be messy and complicated. To ensure that your home is actually yours- and stays yours- you’ll want to make sure that you have an owner’s title insurance policy. Here is some important information that you should take into consideration when it comes to an owner’s title insurance policy and how it will benefit any homeowner.
The Basics Of Title Insurance
Title insurance comes with a ton of jargon. It can be incredibly confusing for a first-time homebuyer looking to get a grasp on the whole process. Title is a word that will be thrown around a lot. Simply speaking, a title is just the document that proves an individual is legally the owner of a particular property. Another term that gets talked about a lot in the real estate world is escrow. Basically, escrow is the period of time where a third party (like a title company) can and does hold the funds of the home until the real estate transaction is finally ready to be completed. The other term that is often heard when buying a home is a title search. Similar to title, a title search is something that happens during escrow in which a professional will search the public records for any mishaps in previous titles of the property a homebuyer is looking to settle on. Lastly, lien is another very common term discussed before purchasing a home. A lien is something that gets placed on a property when an individual owes money to someone else (like a bank with a mortgage).
The Bottom Line Of Title Insurance
Title insurance isn’t actually something that most of us consider to be used like regular insurance. Title insurance varies greatly when compared to actual insurance types we are more familiar with like car insurance. Title insurance will protect homeowners from events that may have happened in the past, instead of any events that happen in the future. With a one time payment at closing, title insurance is a necessary part of having a healthy and happy home.
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+.