How is Title Insurance Beneficial to Homeowners?
Most real estate transactions go smoothly, but there’s always the risk that some unforeseen happenstance will occur due to errors in the public record, ownership claims, fraud, etc. This is why working with a title company for homeowners title insurance is always a good idea.
Here are just a few of the benefits:
Peace of Mind and Lower Stress Levels
Purchasing a new home is an awesome experience, but it can also be quite stressful. It can sometimes feel as if something’s about to go wrong at any minute. Hiring a title agency will take away a lot of the guesswork and fear of the unknown. This will give you peace of mind and help ensure that the transaction goes smoothly.
Protection Against Financial Losses
If anything unexpected pops up during the purchasing phase, such as claims or liens against the property, you could incur severe financial losses and maybe even legal costs. Title insurance is designed to protect property owners from taking a financial hit if something unexpected happens. This has the potential to save you many thousands of dollars, so it’s definitely worth looking into.
A Team of Professionals on Your Side
When you purchase a property, there will be many hoops to jump through and documents to sign. When you hire a title insurance company, you’ll be working with professionals who have been involved with an abundance of property transactions. They’ll know how to perform an effective title search using public records and other resources to reduce the risk of any surprises.
6 Potential Discoveries Made by Title Companies
The benefits listed above are specifically connected to problems that might be found by a title insurance company. As you can see, hiring a professional will help reduce stress and help maintain a low level of risk. Here are some issues that a title insurance expert will help protect your property transaction from:
Claims
When you purchase a property, it’s common to believe that it’s all free and clear. Although most transactions go relatively smoothly, there are definitely many ownership claims every year that are made against a property while it’s in the purchasing stage.
Liens
Even if the seller of a property seems trustworthy, there may be unknown or hidden liens or charges against them. When this happens, it can create a financial burden that could threaten the entire purchase.
Fraud
Any time there’s a lot of money involved, this increases the chance of someone trying to commit fraud. Since titles are documents, they can be forged or otherwise include fraudulent information. Title insurance protects you from any fraud that occurs regarding the title and/or property.
Risks
Whether you handle the title search yourself or have a title company do it, there are times when something will be found after the deal’s closure because documents haven’t been properly filed or digitized. If this happens, title insurance will protect you from any financial fallout. The title company will not only provide legal counsel but will also pay legal fess and costs if your claim is challenged in court.
Heirs
Since any piece of real estate property has a high cost attached to it, there’s always the possibility that an heir will try to lay claim. In fact, there have been many instances where the seller hasn’t even known of an heir’s existence until a claim has been made. This is something else that the title company will likely discover before closing.
Errors
Everyone makes mistakes and it isn’t too uncommon for there to be errors when putting information into the public record. A title company will analyze the chain of ownership to make sure that everything is properly documented. If there are any errors found, they’ll work with you to get them fixed so that the property purchase can proceed as planned.
Contact Marlin Title Company for Title Services
Marlin Title can provide you with title services that will help ensure a smooth transaction. If you have any questions about our services or would like to schedule an appointment, contact us today to schedule a free consultation for our title services in Safety Harbor, Spring Hill, Tampa Bay, Pinellas, and Hillsborough. Also be sure to ask about our escrow services.
