If you are selling a property or thinking of buying one, you may have heard of title insurance. Title insurance is a very important tool used to secure your investment and is a requirement for obtaining a mortgage. When buying title insurance, look for a reliable Parkland title insurance company.
What is title insurance?
The title is evidence of your ownership of the property. When you buy or sell a property, the title is transferred. Every transaction involving property is recorded, whether you buy, sell or take a loan against a property, and is a matter of public record.
Why do I need title insurance?
It is possible that your title to the property can be challenged due to some previous issues, such as an outstanding loan against the property or a hitherto unknown claimant. This can jeopardize your investment. Title insurance is a type of indemnity insurance that protects you from any financial loss that arises from successful challenges to the title. It should be noted that it does not restore your ownership, but only protects against financial loss caused by these claims.
How to pick a Parkland title insurance company?
You can search online for a reputable title company. Look for an experienced company, located in your area. A local company will be familiar with the local laws and procedures. Many real estate agents and mortgage companies have title companies they work with, but you aren’t required to use them. You can shop around. Ask about additional add-on fees such as e-recording, notary fee, release tracking, reconveyance fee and so on, that will increase the cost. Above all, choose a company that is financially strong.
What happens when you have purchased property and suddenly there are unknown heirs or debts against the property? These can put your own ownership into jeopardy. Title insurance is meant to protect you from these losses or threats. There are many advantages to purchasing insurance from a Parkland title insurance company.
Title search: When you apply for title insurance, the company will ensure that the chain of ownership is clear with no hidden claimants before issuing the insurance. Thus, you can get a title search done while buying the insurance. Sure, you can do this yourself. But you simply won’t have the resources of a title insurance company.
Resolving issues: The job of a title insurance company is to make sure your title is clear. If an issue does come up during the title search, the company will try and resolve it with the other party. You can also be assured that problems are dealt with.
Saving your investment: The purpose of any insurance is basically to save you money. Title insurance will ensure that if there is a threat to your ownership, your losses will be covered. Since a property transaction represents a large amount of money, this is substantial investment protection.
For securing mortgage: Buying title insurance is usually a condition of your mortgage. Many home loan companies insist on title insurance so as to protect their own investment. After all, an unanticipated change in the property ownership can also jeopardize the recovery of their loan.
To show good faith: The property owner may also buy a policy from a Parkland title insurance company to show good faith. The insurance will be proof that the property is clear of any debts or claimants.
Buying a property is an expensive business. In most cases it means the investment of one’s entire savings with an additional loan in the future. Buying insurance from a Parkland title insurance company, especially if you are not very clear about why you should buy it in the first place is crucial.
What is title insurance?
A title is equivalent to your ownership of the property. Any fault in the title can jeopardize your ownership and with it, your entire investment. Title insurance protects you against any losses that arise from a fault in the title of the property. Unlike most other insurances that protect you against an accident in the future, title insurance protects you against something which has already happened.
If it has already happened, why should you bother about insurance? Here’s why:
Title search: You can do a title search by checking with the recorder of deeds on your own but this is far from enough. Mistakes can and do happen. There are a number of cases where a deed was not recorded or there was a fault in the record. There could also be outstanding debts or liens against this property. Most of us simply do not have the resources to do a thorough title search. A title insurance company, on the other hand, does have these resources and will always carry out a comprehensive title search before issuing the insurance.
Recover your losses: What happens if a fault in the title appears despite due diligence? Your focus must then shift to ensure that your losses are minimized. A title insurance becomes critical in this case.
Lender’s condition: Any threat to your ownership also risks a lender’s investment in the property. Many lenders make insurance from a reliable Parkland title insurance company part of their lending conditions.
One of the terms you will hear often when you are buying a property is title and title insurance. A property title is the proof of your ownership. When the ownership of a property is transferred, a record of transfer of title is recorded in the public records. You can buy a title insurance from a Parkland title insurance company to protect yourself against any threats to the property title.
What is title insurance?
Title insurance is a type of indemnity insurance. It protects you against any financial loss that arises out of defects in the title of the property Title insurance will protect you against mistakes or faults in title search, forgery, undisclosed mortgage, impersonation or missing property deeds. These mistakes can later threaten your own ownership.
Why do you need it?
Protecting your investment: A real estate property transaction involves a substantial investment. A threat to the property title will jeopardize your ownership and investment. With protection from Parkland title insurance company, you will be able to recover any loss you may suffer due to a threat against the title.
Protecting the lender’s interest: Sometimes it is the lender who insists that you buy the insurance. Any danger to your ownership also threatens the lender’s investment. Through the title insurance, the lender can ensure that his investment is also protected.
Legal protection: If another party takes you to court to stake a claim, the title insurance shows that you bought the property with a clear record. It will also cover your legal costs.
Title search: A Parkland title insurance company also offers title search services. Although you can access title history through the public records, sometimes there are omissions. An insurance company has the resources to run a thorough title search to find out if there are any liens against the property.