When purchasing a home, it is hard to think about anything outside the property itself and the cost. Even so, you know there are other details that are just as important. This includes title insurance.
There are many reasons to purchase title insurance, all of which will make it easy for you to decide in favor of this when the time comes. Here are some of the best reasons:
-- A mortgage or deed in the chain of title could be fraudulent or forged.
-- A mortgage or deed could have been signed by somebody who is underage.
-- Title insurance covers attorney fees as well as other court costs.
-- Title insurance will reimburse you for any covered losses.
-- Protection against a defect associated with the recording of a document.
-- Title insurance claims continue to increase.
-- You only have to pay for title insurance one time, not monthly.
-- Title insurance can speed up the process of obtaining a loan or selling a property.
If you are the buyer in a real estate transaction, you should understand the benefits of title insurance. While it will cost you money, it is a must when purchasing real estate.
You should learn more about title insurance as you move through the process of buying a home. Your real estate agent and closing company can provide you with all the information you require. This may not be something you consider important, but it can protect you from a future loss. It is better to have title insurance than to avoid a purchase for any reason.
Source: Chicago Title Insurance Company, "21 Reasons For Title Insurance," accessed June 30, 2015