While you may be almost done purchasing a new home, you may be wondering whether or not you actually need to purchase title insurance. In fact, it can be overwhelming to understand the nuances associated with title insurance. But, title insurance is important. It’ll protect against hidden title hazards that may end up threatening your financial investment in your home. Here are some important facts to consider when it comes to buying title insurance to protect your interest in your home.
Title Insurance Isn’t Like The Others
As a unique type of insurance, title insurance will protect you from actual losses that may have occurred in the past. When you finally purchase a nice home or a piece of land, you are actually buying something that has been owned by people before you. Asa result, the title to the actual land you are planning on purchasing could have one of the hundreds of title defects.
The Difference Between A Title Search And Title Insurance
When it comes to title insurance and title searches, a standard part of the due diligence process of purchasing a home involves a title search. In fact, if a title search has already been conducted on the property you plan on buying, you may be wondering why title insurance would be necessary if everything was clear? That is because mistakes can be deceptive. Things can always be missed. You still will need some type of insurance coverage that would protect you from potential future claims or undiscovered interests should they come up after you purchase your new home. Title hazards can be wide and varied. Some include deeds completed with forged signatures or instruments executed under a fabricated or expired power of attorney. Having protections included with a title insurance policy cna ultimately do wonders for yourself.
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+.