Title insurance can help the homeowner resolve the ownership related disputes and title defects along with the required legal support to handle similar claims. Title insurance entitles you to get protection for 7 years against any such conflicts. If you wish to get your title insurance done, consider hiring services from Title Insurance Agency Boca Raton.
There are two types of title insurance policies.
Owner’s title insurance policy
The title insurance for the homeowners protects them against any legal title claim. The insurance provides legal and other assistance when someone sues the homeowner or says that they have claims on the property before the current owner’s purchase.
Lender’s title insurance policy
To protect their investment, lenders insure their property against fire and theft. Similarly, to protect their investment against any title-related disputes, title insurance is necessary.
What kind of title claims may arise?
1. Dispute on property inheritance.
2. Disagreements on the seller’s property selling rights.
3. Undisclosed lawsuits/liens discovered.
Benefits of title insurance
1. Covers the cost of litigation
Once the homeowners get title insurance, this would cover the litigation cost as well. Rest assured that legal expenses like documentation costs, settlement charges, legal procedure costs, etc. would be taken care of by the insurance company.
2. Saves your time, money, and effort
Insurance agencies also provide legal ‘out-of-the court’ settlement assistance and do whatever is legally needed to resolve the ownership dispute. Since the insurance company takes care of the cost and procedure, it can save your time money, and effort.
3. Protects the residential projects
Title insurance provides a protective shield to the developers and residential projects against any legal disputes. A residential project needs several months (or years) to complete, and if there’s any legal dispute discovered during the construction phase, it would be difficult for the developer to cover the costs.
No doubt, a title insurance policy is necessary for anyone who is dealing with real estate (property selling/lending/buying). To get the best quotes and hire the best lawyers, consider consulting Title Insurance Agency Boca Raton.