Everyone looks forward to becoming a homeowner and getting the keys to their new home handed over to them. While the purchase of your new home may feel brand new to you, it’s critical to remember that all houses come with a history. Between previous owners and the property your house is built on, a title search is crucial in uncovering potential title defects that all homebuyers should be aware of. Unfortunately, title searches can’t always reveal problems that weren’t recorded throughout the history of your home. Owner’s title insurance can potentially protect you against these common title defects that might be discovered.
An Unknown Lien Title Defect
A former owner of your new home purchase might’ve had a lien placed against the house in the event of an unpaid debt. An unknown lien against your home’s property placed upon it by a bank or financial institution can be detrimental to your financial health. Once your name is on the new deed, this means that you are responsible for the unpaid debt placed upon your house — even if it was a former owner’s debt. By investing in owner’s title insurance with Colony Title, you can protect yourself against an unknown lien title defect.
Clerical Errors on Public Record
A clerical error on public record can be financially devastating to navigate and require a legal battle to resolve. Rather than enjoying your new home purchase, you’d likely have to place a deposit on a lawyer to comb through the records and start a case to clear up the clerical error. Clerical errors can also negatively impact the survey or deed to your residential property. By investing in owner’s title insurance and title insurance with Colony Title, you can financially protect yourself against clerical errors that may appear on public record.
The death of a loved one can be financially and emotionally devastating to families, who are so overcome with grief that they sell a home without knowing that there is an heir to the property. An heir might learn of the property being sold and attempt to reclaim what is now your new home legally. This can affect your property rights and potentially revoke your homeownership of the property. Title insurance can potentially help against these title defects.
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, and LinkedIn.