13 Reasons Why You NEED Title Insurance
Many first time buyers ask, why do we need Title Insurance?
What are the benefits?
Here are very important reasons, why you need Title Insurance:
- A title insurance commitment for title policy will disclose the status of the real property taxes on the subject property.
- A fire destroys only the house and improvements. The ground is left. A defective title may take away not only the house but the land on which it stands. Title insurance protects you against such a loss.
- A deed or mortgage may have been procured by fraud or duress.
- A deed or mortgage made under an expired power of attorney may be void.
- Title insurance covers attorney’s fees and court cost for defending your title.
- Title insurance helps speed negotiations when you’re ready to sell or obtain a loan.
- Each title insurance policy we write is paid in full by the one-time premium at closing for as long as you and your heirs own the property.
- A deed or mortgage in the chain of title may be a forgery or signed by a person under age or incompetent.
- A deed or mortgage may have been made by a person other than the owner, but with the same name as the owner.
- Title transferred by an heir may be subject to a federal estate tax lien, or an heir or other person presumed dead may appear and recover the property or an interest. Or even a child born after the execution of a will may have interest in the property.
- Title insurance reimburses you for the amount of your covered losses.
- Claims constantly arise due to marital status and validity of divorces. Only a title insurance policy protects against claims made by nonexistent or divorced “spouses”.
- A judgment or levy upon which the title is dependent may be void or voidable on account of some defect in the proceedings.
Any other reasons??
Have questions about a specific item in regards to title insurance??
Let me help be your solution!!!
Call me today ……239-415-6574 or email me: email@example.com .
Posted on June 29, 2012, in Title and tagged Buy a Home, Buyer, Closing, Deed, Divorce, Fort Myers, Jennifer Ferri, Levy, Mortgage, Power of Attorney, Property Guiding, Seller, SWFL Real Estate, Title Insurance, Title Junction, Title Policy, Title Work. Bookmark the permalink. Leave a comment.