Protecting Your Home with Title Insurance

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Buying a home may be the biggest investment you make in your lifetime. Before you close, you'll want to know that no individual or entity has a lien or claim to the property.

A title company ensures that your new property doesn't carry 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 searches the title history of the property. Through its research, the title insurance company can almost always find any title problems that may arise and clear up these problems before you close on the property.

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 usually covers:

• Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. In this case, the title insurance company will defend the title at no expense to you.
• Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". 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 find these title problems, or if they miss them, protect you from financial loss - up to the amount of the policy.

First Southeast Mortgage Corporation can answer questions about title insurance and many others. Call us at 954.920.9799.