Buying a house is the biggest investment that you will ever make so you need to protect yourself legally and financially. It can take months to find the perfect house for your family so you will want to make sure that everything is in order when you close. Unfortunately, unscrupulous sellers and real estate agents can make buying your dream home a nightmare, which is why title insurance is important.
What Is Title Insurance?
Title insurance covers monetary losses when a problem is discovered with the title of a property and it cannot be transferred to the person buying it. So, if you buy a house and the title search discovers that the deed is counterfeit, there are liens on the house, or mistakes were made recording the original documents, you will have protection.
How to Get Title Insurance?
After the purchase agreement on your property is signed, either your real estate agent or the escrow holder will begin the process of getting title insurance for you. During the closing process, the closing agent or your lawyer will find a title insurance agency to provide a policy to protect you in case there is a problem closing on the house.
How Much Is Title Insurance?
Although title insurance can cost up to $1,000, it is a one-time fee and, in most states, it is paid by the seller. Getting title insurance is standard practice so there shouldn’t be any problem getting in getting the protection needed if there are problems closing on the property.
How to Make a Claim?
If there is a problem found when a title search is done and you lose money on the house, then you can file a claim with the title insurance agency to help recover your losses. To get more information about title insurance, contact Prestige Title Insurance Agency at 517-264-6040. You can connect with them on Facebook for more information!