Title Insurance Protects Your Home Investment

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The biggest investment you will make in your lifetime will likely be the purchase of a home. Before closing on the house, you will want to know that no other individual or entity has a right, lien or claim to the property.

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

You pay the title insurance company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.

The title insurance company performs an extensive search on the title history of the property. Through its research, the title insurance company can almost always identify any title problems that may arise and clear up these problems before you close on the property.

Real Estate law is extraordinarily complicated. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your owner's policy will describe the property and outline any recorded limitations on your ownership. It will also cover what the title insurance 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 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. Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Many other complicated problems define "Defective title" or "Clouded Title." The title company will uncover these problems, or if they miss them, insure your loss up to the amount of the policy.

Metro Mortgage can answer questions about title insurance and many others. Give us a call: 866-300-1550.