Protecting Your Home with Title Insurance

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Purchasing a home is likely the largest investment you will make in your lifetime. So before you close, you need to be sure that that nobody else can claim the property.

A title insurance company ensures that your new property won't surprise you with encumbrances and other legal obstacles.

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 insurance company performs an extensive search on the title history of the property. The title insurance company can almost always identify any title problems and clear up these problems prior to closing.

Because Real Estate Law is so complex, 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 title insurance owner's policy will describe the property and outline the limitations on your ownership. It will also cover what the title company is responsible for. Title insurance covers the following:

• Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. If this happens, the title company will defend your title and will cost you nothing.
• Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Any number of other complex problems define "Defective title." The title insurance company will discover these problems, or should they miss them, insure your loss up to the amount of the policy.

The Mortgage Exchange Service LLC can answer questions about title insurance and many others. Give us a call at 703.255-5810.