What is Title Insurance? Title insurance is a policy that protects you, the home purchaser or owner, against losses that may arise due to defects in your property's title.
Why do you need title Insurance? Any interest in property must be recorded in public records, if the interest holder wants to be protected. All subsequent parties are then presumed to know the existing interests in a given property, since they are a matter of public record.
Public record searches (of millions of documents on record) are necessary to establish rightful ownership of your property and to determine whether any mortgages, liens or other encumbrances are outstanding against it. Otherwise, you can potentially lose the title to your property at any time due to unexpected title defects or hidden risks and never recoup your investment in the property, either.
How do you Get Title Insurance? It's easy!! Simply inform your lender or the agent that is handling your closing that you want to purchase an Owner's Title Insurance Policy from a Title Company. Your premium will be based on a the amount of the purchase price of the property. You will only pay the premium once. Your agent can quote a premium either upon your inquiry or at the time of closing.
A title company we have had great experiences working with is Archer Title in Buttonwood and soon moving to Clark Lane. Please check out Archer Title online at www.archer-title.com
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