Understanding Title Insurance
Buying a home can be an emotional, exciting journey and probably the single largest investment you could make in your life. Understanding title insurance can help you protect your property’s title.
Do note that when buying a home, many hidden issues may spring up after you purchase it. This is why it is important to get an owner’s title insurance policy as it protects you from legal title discrepancies and other fraud issues. Here are other reasons why understanding title insurance is vital to protecting your home.
Everyone has a checklist of things they look for when buying a house. This could include a quiet tree-lined street, a neighbourhood with good schools and others. These are all important things to consider but what about the property’s history?
Did you know there could be issues like pre-existing liens, easements, zoning violations, outstanding work orders, forged identity and more? These issues could cause confusion over who has right to the property. And the last thing you want as a homeowner is a big confusion that puts your property in jeopardy.
Here is where title insurance comes in when you buy or refinance a home. Title insurance confirms there’s no dispute over who has rights to the property.
Peace of mind with a one-time fee!
Unlike homeowners’ insurance where you pay a monthly premium, title insurance only requires a one-time fee to protect you and your property. Title insurance gives you and your client peace of mind that any disputes or restrictions that may arise are resolved or known.
Regular title insurance covers you against losses from unknown title defects that could impact your property ownership, title fraud, unforeseen mistakes in public records and surveys, issues regarding encroachment and more.
Title insurance from Chicago Title can provide peace of mind with the knowledge that your client’s interests are fully protected. To learn more get in touch with us at Chicago Title today.