Your home is the most valuable thing you will ever purchase. It is the biggest investment that you could make and it could be a dream come true. However, for some people purchasing a home can become a financial nightmare, simply because they didn’t have title insurance. Title insurance is a must for every homebuyer, and those who decide against it often suffer the consequences and have to deal with a variety of title issues. Buying a home comes with a lot of stress and technical jargon which can be confusing, this is probably why many homeowners think they don’t need title insurance. However, it’s not just an “optional extra”, it is a necessity to give you peace of mind when purchasing your new home.
What Is Title Insurance?
It is an indemnity for you against any errors regarding the title to your property that could occur when purchasing a property. This means that if there are any lien claims or other title errors, you are insured against claims made towards your new home. The cost of title insurance will vary dependent on the cost of the property. As with all insurance, the greater the amount of the coverage, the higher the cost of protection.
With title insurance, a thorough search is conducted in order to ascertain who title to the property belongs to and whether or not there are any outstanding claims or pending liens against the title of the property. By conducting this search, you are able to detect any potential issues before the final purchase of the property and protect yourself against any lawsuits pertaining to the property title. You do not want to find yourself dealing with a costly legal battle in order to keep your new home. Title insurance will ensure that you are financially protected against claims on thte title to your new home.
Why Is Title Insurance Important & Why Do You Need It?
Buying a home is no small feat. You probably have had to save for many years and possibly take out various loans in order to purchase your dream home. It is time consuming and expensive, but buying a home is also an investment in your future. Title insurance will aid you in protecting your dream and future investment from bad titles or errors which may arise after you purchase the property. It is a one time expense that ensures you are covered against fraud, title errors, unknown liens, public record errors and a variety of other title issues for as long as you own your property.
What Services Should A Title Insurance Company Provide?
A company that handles title insurance should provide a few of the following services:
- Residential & Commercial Title Insurance
- Title Searches
- Construction and Land Transactions
- Closing services of transactions
This will ensure that you are getting exactly what you need from one company.
Finding The Right Provider
While title insurance companies do not offer legal representation, a company who has a relationship with or is owned and operated by a real estate attorney means that any legal issue can be addressed by a legal professional for proper representation and assistance with ease. Using the services of a reliable and reputable expert in the legal profession will ensure that you’ll be able to easily navigate the purchase of your home without falling into any unexpected traps. Finding the right title insurance provider can be difficult.
This is why you should always take the following into consideration:
How many years has your chosen provider worked in the industry? A reputable and trustworthy firm will have the necessary years of experience to ensure that unscrupulous sellers aren’t taking advantage of you.
If your provider does not have the patience to explain your impending transaction, then it means that they aren’t the provider for you. Your provider will need to take the time to explain the transaction in simple language that you can clearly understand, without legal jargon involved. Legal jargon can confuse homeowners, and this is often how prospective homeowners are taken advantage of.
A trustworthy title insurance company will have the reputation and years of experience behind their name. Take a look at reviews on their social media sites, Martindale-Hubbell, and other search engines. This will help you make an informed decision on who you want to have as your title insurance provider
Title insurance is not something you should take lightly. When buying a home, you need to enlist the services of a reputable company to help you handle all legal matters regarding the transaction. You can trust the professional team at Gary I. Handin, P.A. and his title company, Florida Home Title Company, for all your home title needs.
For title services you can count on, don’t hesitate to give us a call at 1-877-815-4560.