When purchasing a home or other real estate, you actually don’t receive the land itself. What you get is the title of the property, which may be limited by rights and claims asserted by others. Problems with the title can limit your use and enjoyment of the real estate, as well as bring financial loss. Protection from the hazards of title problems is available through a unique coverage known as title insurance. Unlike other kinds of insurance that focus on possible future events and charge an annual premium, title insurance is purchased for a one-time fee and is a safeguard against loss arising from hazards and defects already existing in the title.
Most lenders require that you purchase for them a lender’s policy of title insurance in order for you to get your loan. But that policy does not protect you. That protection is purchased in an Owner’s title insurance policy which lasts even after you have sold the insured property.
In spite of all the expertise and dedication that goes into a search and examination, hidden hazards can emerge after completion of a real estate purchase, causing an unpleasant and costly surprise. For example, a forged deed transfers no title to real estate; previously undisclosed heirs may claim title to the real estate, and there may be mistakes in the public record. Title insurance provides financial protection against these and other hidden dangers. Our licensed title agents, Alan Kappers and Steven Swick, can provide you with the title insurance you need.
If you have any further questions about how we can help you with your title insurance needs, please contact us.