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Why do I Need Owner’s Title Insurance?

A title refers to the ownership of your property and gives you the right to use that property. 

These potential problems are the reason why you should strongly consider an Owner’s Policy so that you are protected with Title Insurance!

Common title issues:

Errors in Public Records
Yes, it is true. Clerical mistakes or errors in filing occur frequently and can be time consuming and costly to fix.

Unknown Liens
Previous owners who did not pay a bill may have a lien on the property. While this can occur with any property, it is common with distressed properties such as short sales and foreclosures.

Missing Heirs
Missing heirs or contested wills may show up before or after you purchase a property.

Illegal Deeds
The title search ensures you and the lender that there are no other “claims” of ownership or deeds on the property. Occasionally, the title search will uncover an issue in the chain of title.

Forged documents that are recorded with the county and unbeknownst to you or the lender will interrupt your title rights.

Undiscovered Encumbrances
Encumbrances can come from a third party holding a claim to all or part of your property. Or, non-financial claims such as restrictions or covenants limit the use of your property.

Unknown Easements
Easements give rights to others [such as government agencies, businesses, or even neighbors] the right to access all or part of your property.

Boundary/Survey Disputes
A survey of your property is performed to define your property boundaries. Former surveys may differ and allow a neighbor or other party to claim ownership of a part of your property.

Undiscovered Will
When you purchase a home sold by the state on behalf of a person with no will, it seems legitimate that your rights would be safe. However, at any time, the deceased owner’s will may materialize, and your rights could be in jeopardy.

False Impersonation of a Previous Owner
It sounds odd that someone could falsely impersonate a previous owner and sell a property falsely. Yet it happens, so be protected!

source: Mortgage Currentcy

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Knowing when to finance your home isn’t easy. That’s why we offer the best knowledge to help you. We get to know you, your situation and your goals… then we find the best fit.

The information provided has been based on rules and regulations issued by Federal Agencies and interpreted for you. Interpretations are not guaranteed, but we attempt to make them easy to understand. Check with us directly and we can clarify any information that pertains to your financing needs.
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