Title Insurance = Peace of Mind

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The biggest investment you will make in your life will likely be the purchase of a home. So before you close, you need to know that no one else has a claim to the property.

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

You pay the title 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 company performs an extensive search on the property's title history. Through its research, the title company can usually find any title problems that may arise and have these problems cleared-up 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 owner's policy will describe the property and outline the limitations on your ownership. It will also cover what the title insurance company is responsible for. Typically your title insurance will protect you in the following cases:

  • 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 company will defend the 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. Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Many other complex problems define "Defective title." The title insurance policy will protect you from these errors if the title company misses them.

First Southeast Mortgage Corporation can walk you through the pitfalls of getting a mortgage. Call us: 954.920.9799.

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