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Title Insurances FAQs

Title Insurances FAQsReading Time: 3 minutes

Title insurance is one of the most overlooked forms of insurance that property owners can purchase. It may seem unnecessary at first, but it can save you from a lot of unnecessary expenses and headaches when purchasing your new property.  Remember that purchasing your own home or business property may be the biggest investment you make. You don’t want to see your investment fail simply because you didn’t protect yourself by getting title insurance on the property.

What Is Title Insurance and Why Do I Need It?

In essence, it is protection for you against any errors on the title of your property. What this means is that if there are any title errors, outstanding claims, or even lien claims against the property, you are protected by your title insurance. When purchasing a property through a reputable firm, a thorough check is done in order to ensure that the property title is free of any problems before the sale of the property is concluded. This is to ensure that you as the new potential homeowner, are protected against any claims that relate to the property. If you are getting a mortgage, the lender will insist that you purchase title insurance that protects them. For a few dollars more, you also can be assured that you have good, clear title.

If you don’t get title insurance and there are any errors, outstanding claims, or liens against the property, then you will be held financially liable. There are a few common title errors which can affect your purchase if you are not covered by title insurance. You run the risk of losing your new home or property and the money you’ve paid. You may also find yourself in the midst of a lengthy and financially draining legal battle in order to protect your new property.

How Do You Get Title Insurance?

Purchasing a new property can be a stressful time. You have a million and one things to do and not enough hands on deck to help. When it comes to getting title insurance, it’s always best to speak with your real estate attorney. Your real estate attorney will ensure that your investment in a home is protected. At Gary I. Handin, P.A., the team will always go above and beyond to ensure that your property purchase is properly completed. This means that your real estate attorney will ensure that your transaction is free of any hassle and that your property title comes with no outstanding claims or errors. Remember that your real estate attorney is there to help clarify any and all legal jargon surrounding title insurance for you. You don’t need to worry about not understanding the various terms and conditions as your attorney will ensure you have one less thing to worry about during this stressful time.

What kind of coverage is needed for different people?

There are standard policies in place. These policies are acceptable, but each individuals’ circumstances differ. Each person requires a unique and more personalized approach when it comes to their title insurance policy.  Depending on the type of property purchase, be it residential or commercial – different title insurance requirements will need to be met and input into your specific title insurance policy. It is important that you communicate with your real estate attorney to ensure that your policy reflects your needs and is in line with the type of property that you are purchasing. It’s better to ensure that you are fully covered, than to run the risk of losing your property.

What Is The Cost Of Title Insurance And Who Is Responsible For It?

Many property owners forgo title insurance because it can be costly, however it is only a one-time fee. That one-time premium payment protects you as long as you own the property. Another aspect to take into consideration is that title insurance costs differ depending on the type of property as well as the contents of your title insurance policy. Property buyers are given a good faith estimate as well as a statement before the deal is finalized. Speak with your real estate agent to discuss the various costs around your specific policy.

In terms of who bears what cost, the contract will state if you as the buyer need to pay for the policy or if the seller will cover the cost of title insurance. There are times, with the help of your attorney, that you are able to negotiate the costs with the seller.

Closing The Deal

It’s important that you get help from a reliable and reputable company that has the necessary knowledge and experience to help you with your title insurance policy. Since 1969, the team at Gary I. Handin, P.A. has been the go-to firm for legal services you can count on.

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Gary I. Handin, P.A.

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