Title insurance is one of the most important things to get when buying your home. It ensures that there are no impediments to you owning your home and that legally, you have all of the property rights that you need. When figuring out all of the stages of the home buying process, don’t forget about purchasing title insurance. But for those who are the lenders of a property, you also need to protect yourself from legal claims. Each party will be able to get themselves covered, as there are two varieties of title insurance you can purchase: Owner’s Title Insurance and Lender’s Title Insurance.
Who needs Owner’s Title Insurance?
Simply put, the homeowner. When you close your purchase of your home, a one-time fee is paid that guarantees there are no reasons that you would not be able to legally own that property and do with it what you want. Owner’s Title Insurance covers both you and anyone who would inherit your property, so its benefits are long-lasting. With Owner’s Title Insurance, you are protected against claims against your ownership of your home.
Who needs Lender’s Title Insurance?
The lender of the property needs protection too. Title claims affect everyone who is involved with the property. Lenders who are owed money by homeowners, then, could be at risk if a legal claim is made against the property for which they are owed money.
About Colony Title Associates:
Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.
Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.