Title Insurance = Peace of Mind

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Buying a home will likely be the largest investment you make in your lifetime. So before you sign on the dotted line, you must be sure that the property's title is free of other claims.

Determining that your rights and interests to the property are clear is the business of a title company.

For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.

The title company searches the property's title history. The title company can usually identify any title problems that may arise and have these problems cleared-up before you close on the property.

Because Real Estate Law is so complicated, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem selling your property. Your owner's policy will describe the property and outline any recorded limitations on your ownership. It will also cover what the title company is responsible for. Title insurance usually covers:

  • Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. If this happens, the title insurance company will defend your title at no expense to you.
  • Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Many other complicated problems define "Defective title." The title insurance policy will protect you from these errors if the title company misses them.

The Mortgage Exchange Service LLC can walk you through the pitfalls of getting a mortgage. Call us: 703.255-5810.

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